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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 ...
Aggressive dog breed insurance: Home insurance policies often exclude liability coverage for injuries caused by certain dog breeds, such as pit bulls, German shepherds or Rottweilers. If you have ...
In homeowners insurance, the 80 percent rule refers to the fact that most insurance companies require homeowners to insure their home for at least 80 percent of its total replacement cost.
Major factors in price estimation include location, coverage, and the amount of insurance, which is based on the estimated cost to rebuild the home ("replacement cost"). [2] If insufficient coverage is purchased to rebuild the home, the claim's payout may be subject to a co-insurance penalty. In this scenario, the insured will be subject to an ...
The most basic home insurance policy is an HO-1, which provides coverage on the structure of your home. An HO-2 is a step above the HO-1, as it covers your home and personal belongings for named ...
In Betty Jo Walker v. Farmers Insurance (2007), Farmers was fined $3 million for not defending a pair of limited-income homeowners from a negligence claim. [33] In Goddard v. Farmers Insurance (2008), Farmers was ordered to pay $2.5 million for handling a claim with bad faith and "stonewalling" during settlement negotiations.
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