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The first title insurance company, the Law Property Assurance and Trust Society, was formed in Pennsylvania in 1853. [1] Typically the real property interests insured are fee simple ownership or a mortgage. However, title insurance can be purchased to insure any interest in real property, including an easement, lease, or life estate.
HO-2 policies: These provide slightly more coverage than HO-1 policies and include some liability protection. HO-2 policies will cover detached structures, personal belongings and additional ...
Homeowner's policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. This means that it covers damage to one's property and liability for any injuries and property damage caused by the owner or members of ...
Personal property is a standard coverage on a homeowners insurance policy. It covers belongings like furniture and clothing, paying up to a certain limit if they are stolen or damaged by a covered ...
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 ...
Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to protect assets. Both are also created at the state level but they have different features and different uses.
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments. The goal of asset protection planning is to insulate assets from claims of creditors without perjury or tax ...
One of the common estate planning tips for investors is to get a trust to protect their assets. However, that advice is hardly specific enough.