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Homeowners
Home insurance, also commonly called homeowner's insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory. Additionally, homeowner's insurance provides financial protection against disasters. A standard home insurance policy insures the home itself along with the things kept inside. Overview Homeowner's policy is a multiple-line insurance policy, meaning that it includes both property insurance and liability coverage, with an indivisible premium, meaning that a single premium is paid for all risks. This means that it covers both da ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Homeowner Association
A homeowner association (or homeowners' association, abbreviated HOA, sometimes referred to as a property owners' association or POA), or a homeowner community, is a private association-like entity often formed either ''ipso jure'' in a building with multiple owner-occupancies, or by a real estate developer for the purpose of marketing, managing, and selling homes and lots in a residential subdivision. In the United States, the developer will typically transfer control of the association to the homeowners after selling a predetermined number of lots. Generally any person who wants to buy a residence within the area of a homeowners association must become a member, and therefore must obey the governing documents including Articles of Incorporation, CC&Rs (Covenants, Conditions and Restrictions) and By-Laws, which may limit the owner's choices in exterior design modifications (e.g., paint colors). Homeowner associations are especially active in urban planning, zoning and land use ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. 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 relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insurance Company
Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. 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 relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flood Insurance
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. In the United States Nationwide, only 20 percent of American homes at risk for floods are covered by flood insurance. Most private insurers do not insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood. In traditional insurance, insurers use the economic law of large numbers to charge a relatively small fee to large numbers of people in order to pay the claims of the small numbers of claimants who have suffered a loss. Some insurers provide privately written primary flood insurance for high-value residential properties, and for low-value and high value buildings, including through The Natural ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Perpetual Insurance
Perpetual insurance is a type of homeowners insurance policy written to have no term, or date, when the policy expires. From the effective start date, the coverage exists for perpetuity. The insured deposits money, called a deposit premium, with the insurer for insurance for the life of the risk. The deposit is many times larger than the cost of a non-refundable, annual premium for an equivalent policy with a one-year term. The insurer must earn enough income from investing the deposits to cover losses and operating expenses for the model to be economically viable. Upon cancellation, the insured is entitled to a full refund of the initial deposit premium, usually without interest. Perpetual insurance, first issued in the U.S. in Philadelphia in 1752, is still used for fire and homeowner's insurance. In the United States, there are also tax advantages to perpetual insurance. The deposit premium does not yield any income to the insured. However, the expense of the annual pre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Property Insurance
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be listed in the policy for insurance to be provided. The more common named perils include such damage-causing events as fire, lightning, explosion, cyber-attack, and theft. History 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 conv ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liability Insurance
Liability insurance (also called third-party insurance) is a part of the general insurance system of risk financing to protect the purchaser (the "insured") from the risks of liabilities imposed by lawsuits and similar claims and protects the insured if the purchaser is sued for claims that come within the coverage of the insurance policy. Originally, individual companies that faced a common ''peril'' formed a group and created a self-help fund out of which to pay compensation should any member incur loss (in other words, a mutual insurance arrangement). The modern system relies on dedicated carriers, usually for-profit, to offer protection against specified perils in consideration of a premium. Liability insurance is designed to offer specific protection against third-party insurance claims, i.e., payment is not typically made to the insured, but rather to someone suffering loss who is not a party to the insurance contract. In general, damage caused intentionally as well as c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Total Loss
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective. Such a loss may be an "actual total loss" or a "constructive total loss". Constructive total loss considers further incidental expenses beyond repair, such as ''force majeure''. General principles In a total loss, the insurer must indemnify the assured in full, and ownership of the insured item thereby passes to the insurer under the legal process of " subrogation". Although the policy determines the level at which the loss becomes total rather than partial, nevertheless the assured (and NOT the insurer) has the final say as to whether he wishes to make a partial or total claim. If the insured item is, say, a car or a house, the policy will normally give it a "market value" which may be less than the assured had in mind; any disagre ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hurricane Shutters
Hurricane coverings, commonly known as shutters, are used in hurricane mitigation to protect houses and other structures from damage caused by storms. Hurricane shutters are used to prevent windows from being broken by flying objects during a storm. Although the negative pressure caused by high-speed wind flowing over a building roof can cause the roof to fail with the building envelope intact, broken windows allow the air pressure to rise inside a building, creating an even greater pressure difference and increasing the likelihood of roof failure. Shutters are frequently constructed from steel or aluminium, but homeowners sometimes use the low-cost alternative of plywood. The shutters are affixed to the outside of the building with screws, hurricane clips, or a track system. Advanced shutters may be motorized, and they may fold away when not in use. Types of hurricane coverings Three major types of shutters are known alternatively as panel systems. They are usually made of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Flood
A flood is an overflow of water ( or rarely other fluids) that submerges land that is usually dry. In the sense of "flowing water", the word may also be applied to the inflow of the tide. Floods are an area of study of the discipline hydrology and are of significant concern in agriculture, civil engineering and public health. Human changes to the environment often increase the intensity and frequency of flooding, for example land use changes such as deforestation and removal of wetlands, changes in waterway course or flood controls such as with levees, and larger environmental issues such as climate change and sea level rise. In particular climate change's increased rainfall and extreme weather events increases the severity of other causes for flooding, resulting in more intense floods and increased flood risk. Flooding may occur as an overflow of water from water bodies, such as a river, lake, or ocean, in which the water overtops or breaks levees, resulting ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Floods
A flood is an overflow of water ( or rarely other fluids) that submerges land that is usually dry. In the sense of "flowing water", the word may also be applied to the inflow of the tide. Floods are an area of study of the discipline hydrology and are of significant concern in agriculture, civil engineering and public health. Human changes to the environment often increase the intensity and frequency of flooding, for example land use changes such as deforestation and removal of wetlands, changes in waterway course or flood controls such as with levees, and larger environmental issues such as climate change and sea level rise. In particular climate change's increased rainfall and extreme weather events increases the severity of other causes for flooding, resulting in more intense floods and increased flood risk. Flooding may occur as an overflow of water from water bodies, such as a river, lake, or ocean, in which the water overtops or breaks levees, resulting in some of t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nuclear Exclusion Clause
The nuclear exclusion clause is a clause which excludes damage caused by nuclear and radiation accidents from regular insurance policies of, for example, home owners. : Example: ''Notwithstanding anything to the contrary herein, it is hereby understood and agreed that this policy shall not apply to any loss, damage or expense due to or arising out of, directly or indirectly, nuclear reaction, radiation or radioactive contamination regardless of how it was caused.'' As operators of nuclear power plants often have limited third-party liability, in the case of a nuclear accident it is possible that private property damage would be covered neither by the operator of the nuclear power plant nor by the property owners' insurance. There is no nuclear exclusion clause in health insurance policies. See also *Terrorism insurance *Contract adjustment board *Public Law 85-804 In government contracting, a Contract Adjustment Board is a department board at the Secretariat level in the U. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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