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An HO-2 policy is a type of homeowners insurance that only covers damages caused by perils specifically named in your policy. An HO-2 typically covers 16 named perils, including damage from fire ...
Homeowners insurance perils are unpredictable events that cause damage to your property. ... mold is not considered a covered peril by your home insurance provider. Insurers typically view mold as ...
A homeowners insurance policy is designed to provide you with financial protection from a variety of damage-causing events, also called perils. Exactly what homeowners insurance covers and which ...
Broad "named perils" [5] – this form expands on the "basic form" by adding 6 more covered perils. Again, this is a "named perils" policy. The loss must specifically be listed to receive coverage. Fortunately, the "broad form" is designed to cover the most common forms of property damage. Broad-form covered perils: All basic-form perils
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 ...
Most homeowners insurance policies exclude the following perils: Normal wear and tear. Construction defects. Foundation failure. Pet and animal damage. Earth movement. Intentional loss. Nuclear hazard
Governor John Engler created the Office of Financial and Insurance Regulation as a Type I agency within the Michigan Department of Consumer and Industry Services to be headed up by a commissioner appointed to a four-year term. The Corporations, Securities and Land Development Bureau's security functions and all functions of the Insurance Bureau ...
Remember, if you choose not to schedule your personal property and not to insure it with blanket coverage, claims will likely be limited to the covered perils listed in your homeowners policy.