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The most common reason for obtaining a DIC policy is to acquire coverage for financial protection against damage caused by floods, earthquakes and mudslides. ... Luxury homes are an example of ...
Liability coverage: Provides financial protection if you are found at fault for injuries or damage to someone’s belongings that occurs on your property. Additional living expenses coverage ...
Similarly, landslides are considered an “earth movement” and any damage they cause is excluded from both standard home and flood coverage. Disaster coverage Homeowners in flood-prone areas may ...
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 ...
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.
Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions. [2] However, the term has also been used for property insurance, [citation needed] aviation insurance, boiler and machinery insurance, and glass [clarification needed] and crime insurance. [2]
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 ...
An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning. Extended coverage added insurance against loss by the perils of windstorm, hail, explosion, civil commotion, riot and riot attending a strike, aircraft damage, vehicle damage, and smoke damage. [1]
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