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Home insurance, also commonly called hazard insurance or homeowner’s insurance, 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, 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. Homeowner’s policy is referred to as 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. In the US standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling. The cost of homeowner’s insurance often depends on what it would cost to replace the house and which additional endorsements or riders are attached to the policy. The insurance policy is a legal contract between the insurance carrier and the named insured. It is a contract of indemnity and will put the insured back to the state he/she was in prior to the loss. Typically, claims due to floods or war are excluded from coverage, amongst other standard exclusions. Special insurance can be purchased for these possibilities, including flood insurance. Insurance is adjusted to reflect replacement cost, usually upon application of an inflation factor or a cost index.
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A type of insurance or insurance product created for a variety of different types of home or residential property.
Home insurance is a product that most mortgage companies put in their mortgage agreements as a condition that must be met.
The numerical value of Home insurance in Chaldean Numerology is: 7
The numerical value of Home insurance in Pythagorean Numerology is: 1
Sample Sentences & Example Usage
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We currently offer a great service that helps consumers research the market and find their next home, now consumers will be able to use us to cut their energy deals, get a better broadband deal, find better home insurance and much more.
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