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Also called equipment breakdown coverage, these endorsements may extend coverage for your AC system to cover mechanical or electrical breakdown. Alternatively, you could consider a home warranty ...
As existing K&T wiring gets older, insurance companies may deny coverage due to a perception of increased risk. [9] Several companies will not write new homeowners policies at all unless all K&T wiring is replaced, or an electrician certifies that the wiring is in good condition.
3. Mechanical failure. When mechanical components fail due to normal wear and tear — whether it's a seized engine or failed transmission — your auto insurance won't pay for repairs.
The use of older solid aluminum wiring in residential construction has resulted in failures of connections at electrical devices, has been implicated in house fires according to the U.S. Consumer Product Safety Commission (CPSC), and in some areas it may be difficult to obtain homeowners insurance for a house with older aluminum wiring.
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 ...
An insurance policy is a contract where the homeowner and insurance company agree that in exchange for a premium payment, the insurance company will provide compensation for the repairs or ...
Homeowners insurance typically does not cover expenses related to identity theft, but many carriers offer identity theft coverage as a home insurance endorsement. Some insurers automatically ...
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.