An Act of God is an unpreventable destructive occurrence that results from natural forces. Insurance and contract laws often include clauses to address losses resulting from such events.
Displacement in real estate refers to the involuntary movement of population due to the conversion of their homes to other uses. This can occur due to various factors, including legal actions like condemnation, urban renewal projects, redevelopment initiatives, and natural disasters.
The Federal Emergency Management Agency (FEMA) is a U.S. government agency responsible for coordinating the federal government's response to natural and man-made disasters, including providing financial assistance for disaster recovery and managing the National Flood Insurance Program (NFIP).
FEMA, the Federal Emergency Management Agency, is responsible for coordinating the federal government’s response to natural and man-made disasters, ensuring effective preparation, response, recovery, and mitigation efforts to safeguard people and properties.
Flood insurance is an insurance policy that covers property damage specifically due to natural flooding. Although offered by private insurers, it is largely subsidized by the federal government.
Force majeure refers to an inevitable or unforeseeable event beyond the control of a contractual party, which prevents the performance of contractual obligations, often included in contracts as a protective clause to release the affected party from liability due to non-performance or delayed performance.
Perils in the context of real estate refer to various risks that can cause damage to a property, which are often covered under homeowner's insurance policies.
