Damages refer to the monetary compensation recoverable by a person who has been injured due to the act or default of another. This can include physical harm, property damage, or violation of rights.
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.
Liability insurance provides protection for a property owner from claims that arise due to injuries or damage to others or their property. It covers legal costs and any payouts for which the insured would be responsible if found legally liable.
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.
A security deposit is a cash payment required by a landlord, to be held during the term of a lease to offset damages incurred due to actions of the tenant.
WASTE refers to property abuse, destruction, or damage caused by a possessor that goes beyond normal wear and tear, affecting the rights and interests of other stakeholders in the property. This is often addressed in mortgage or lease contracts, as well as in life estates.
