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.
Coinsurance is a provision in an insurance policy that requires the policyholder to bear a portion of the risk. For property insurance, it is typically expressed as a percentage that the insured must maintain relative to the property's value in order to collect the full amount of compensation for any loss.
Fire insurance is a type of property insurance that covers damage and losses caused by fire. It is typically part of a broader homeowner’s insurance policy and is essential for protecting real estate investments against fire-related incidents.
A form of insurance that provides protection against specific perils such as fires, storms, or other hazards, though it does not cover flood damage. It is often required by mortgage lenders to protect their financial interest in the property.
A homeowner's insurance policy is a type of insurance specifically designed to protect homeowners from losses caused by various common disasters, hazards, theft, and liability. Coverage and costs can vary widely, and certain types of coverage like flood insurance may need to be purchased separately.
Insurable interest is a financial stake in an entity or event such that the loss of that entity or the occurrence of the event would cause a financial loss to the interested party. It is a prerequisite for purchasing insurance and claiming benefits on a policy.
The insurable value is the cost of total replacement of destructible improvements to a property, which insurers consider when issuing coverage.
An insurance binder is a temporary document provided by an insurance company that serves as proof of insurance coverage until a formal policy is issued.
Insurance coverage refers to the total amount and type of insurance a property owner maintains to protect against various risks, including hazards, liability, and other potential losses.
Marshall & Swift provides construction cost data that helps in estimating building costs across various types, quality levels, and geographic areas. This information is crucial for appraisers, insurers, and real estate professionals.
A mortgage correspondent services loans for a fee, managing various aspects such as collecting payments, paying real estate taxes, ensuring property insurance, and others.
Rent Interruption Insurance, also known as Rental Income Insurance, provides compensation to rental property owners for the loss of rental income that occurs if the property becomes uninhabitable due to a covered peril like fire, storm, or vandalism.
Rental Income Insurance provides financial protection for property owners by covering the loss of rental income when the property becomes uninhabitable or unusable due to covered perils, ensuring continued payment of essential expenses.
