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An insurance policy may or may not cover the costs associated with water damage and the process of water damage restoration. While a common cause of residential water damage is often the failure of a sump pump, many homeowner's insurance policies do not cover the associated costs without an addendum which adds to the monthly premium of the policy.
The company sold its 1,000th franchise in 2000. To accommodate their growth, the Servpro headquarters moved to a facility of 140,000 square feet (13,000 m 2) in 2005, which was expanded to 200,000 square feet (19,000 m 2) in 2014. The Tennessean has listed Servpro as one of Tennessee's top workplaces eight times since 2015, including 2024. [8]
Flood insurance is the specific insurance coverage issued against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands , floodplains and other areas that are susceptible to flooding.
With replacement cost value, your insurance company would usually reimburse you the full $2,000. Replacement cost value vs. market value RCV and market value are not the same, especially when it ...
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 ...
If and when a peril occurs and causes damage to your property, you may file a claim with your home insurance provider to help cover the repairs. A standard homeowners insurance policy lists the ...
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).
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