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For example, after a major hurricane that causes extensive damage in your community, your insurance rate might increase more substantially than it would if you filed a single property damage claim.
After 20 years with Liberty Mutual, Janice and Anthony Coleman were shocked to receive a non-renewal notice citing supposed roof damage. Learn how advanced tech is affecting insurance decisions ...
A flat roof is a roof which is almost level in contrast to the many types of sloped roofs. The slope of a roof is properly known as its pitch and flat roofs have up to approximately 10°. [ 1 ] Flat roofs are an ancient form mostly used in arid climates and allow the roof space to be used as a living space or a living roof .
Property and casualty guaranty funds step in to pay the covered claims (which would otherwise go partially or entirely unpaid) of policyholders of an insolvent insurer at levels determined by state law. This ensures policyholders and claimants at greatest risk are protected from the most severe consequences of an insurer's failure.
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.
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 ...
Roofing material is the outermost layer on the roof of a building, sometimes self-supporting, but generally supported by an underlying structure. A building's roofing material provides shelter from the natural elements. The outer layer of a roof shows great variation dependent upon availability of material, and the nature of the supporting ...
The term "reservation of rights" (particularly a "reservation of rights letter”) is often used in connection with insurance claims. The insurance company issues a reservation of rights letter stating that it may deny coverage for some or all of the claim even while the company is investigating the claim or beginning to treat the claim as if ...