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Homeowners insurance vs. condo insurance Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly.
If snow and ice cause damage to your home, will it be covered by your insurance? We checked out homeowners’ and renters’ policies at four of the largest providers in the U.S. Does homeowners ...
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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 ...
From 1980 to 2005, weather-related claims to the National Flood Insurance Program (NFIP) cost $34.1 billion in constant 2005 dollars, which represented 11% of all weather-related insurance losses in the United States during the period and the NFIP's exposure to weather-related losses quadrupled to $1 trillion in 2005.
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.
The Condominium Act requires every association to carry an insurance policy to cover the full replacement value of all structures on the property.
Weather cancellation insurance reduces an organization’s risk in planning an outdoor event. When a company or organization is holding a concert, running a special event, having a sale, or executing any form of outdoor activity and the weather prevents that activity from taking place, the organization risks losing whatever money that has been invested in the planning, organization, marketing ...