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The Smokehouse Creek Fire in March was the largest in Texas’s history, claiming two lives and resulted in millions of dollars of damage as it ripped over 1 million acres of land.
Named peril coverage can apply to your dwelling and personal property coverage, depending on what policy form you have. The most common policy form, HO-3 policies, usually cover personal property ...
It is often called hazard insurance because the average homeowners policy includes coverage for a list of perils, or causes of loss, that can damage or destroy your home. Homeowners insurance
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 ...
The income loss covered may be due to disaster-related closing of the business facility or due to the rebuilding process after a disaster. It differs from property insurance in that a property insurance policy only covers the physical damage to the business, while the additional coverage allotted by the business interruption policy covers the ...
The program is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods. [3] As of August 2017, the program insured about 5 million homes (down from about 5.5 million homes in April 2010), the majority of which are in Texas and Florida.
When you buy HO-8 insurance coverage, your home is covered for named perils, which means unless the specific peril that causes the loss is listed in your policy, there is no coverage if the home ...
Very few insurers in the US provide private market flood insurance coverage due to the hazard of flood typically being confined to a few areas. As a result, it is an unacceptable risk due to the inability to spread the risk to a wide enough population in order to absorb the potential catastrophic nature of the hazard.