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The policy type you have and the company you insure your home with will determine the types of perils covered. For instance, the HO-3 covers 16 perils, with more typically available if you choose ...
An open perils policy protects you against any loss unless the peril is explicitly listed as an exclusion, such as damage caused by flooding or earthquakes. An HO-2 insurance policy covers ...
If a covered peril occurs and your belongings are damaged, you can file a claim with your insurance company. Note that most HO-4 policies include a deductible. So, your insurance company will help ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Broad "named perils" [5] – this form expands on the "basic form" by adding 6 more covered perils. Again, this is a "named perils" policy. The loss must specifically be listed to receive coverage. Fortunately, the "broad form" is designed to cover the most common forms of property damage. Broad-form covered perils: All basic-form perils
Earthquake – This is usually only partially covered, or not at all by a conventional policy; Extended Title – is an extended coverage because there are many things not covered by basic title insurance policies; Medical – Covers illnesses and lengths of stay not covered by the basic medical or health care policy
It covers belongings like furniture and clothing, paying up to a certain limit if they are stolen or damaged by a covered peril. However, for high-value items like jewelry, fine art or musical ...
The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster. It differs from property insurance in that a property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the ...