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A standard homeowners insurance policy lists the following 16 events as named policy perils: Fire or lightning. Vandalism or malicious mischief. Theft. Riots. Smoke and ash. Volcanic eruptions ...
An HO-2 policy is a type of homeowners insurance that only covers damages caused by perils specifically named in your policy. An HO-2 typically covers 16 named perils, including damage from fire ...
However, multiple-peril coverage is a broader, more inclusive term that includes coverage combinations like business automobile, which is a single category of coverage, but actually qualifies as multiple-peril coverage [2] as it may provide indemnification for the perils of liability, physical damage (property), and medical payments. [3]
This coverage extends until the end of the business interruption period determined by the insurance policy. Most insurance policies define this period as starting on the date of the covered peril and the damaged property is physically repaired and returned to operations under the same condition that existed prior to the disaster. [5]
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 ...
Personal property coverage: This coverage makes up a large portion of your homeowners insurance and is designed to replace your home’s contents after a covered peril, including clothing ...
Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
Endorsements are optional coverage types you can add to your homeowners insurance policy. For example, earthquakes and floods are exclusions on a standard home policy, but you may be able to get ...