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Wikipedia defines it as "A property owner may purchase insurance to indemnify against the loss of use of property, especially real property, such as a home, office, or business premises." Visit www(.)gibl(.)in for more info
Wiki User
∙ 9y ago
Wiki User
∙ 9y agoYour question is not totally clear, but I will do my best. I think that you are referring to some sort of damage/loss to the contents of your home as a result of a covered loss. If you are, what the term refers to is a listing that has to be filed as part of your insurance claim of the items that were lost/damaged/destroyed. Depending upon whether you have "actual cash value" coverage or "replacement cost" coverage, you will be paid the depreciated value of the property, or the cost of replacing it with like kind and quality property.
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What are the advantages of home insurance for the borrower?
Home Insurance is form of risk transference. For a stated premium you transfer the risk of loss for the specified covered perils to another party. Namely, the Insurance Company. Suppose you have no home insurance, and you have a kitchen fire that grows into a total loss of your home. You would be left with a pile of ashes that you can not live in and still owing thousands of dollars to a mortgage company for a home that no longer exists. So long as you have the appropriate coverage your insurer would cover your losses and provide funds to repair or even replace you home if necessary. Additionally most Home Mortgage companies require as a part of your home mortgage contract that you maintain a home hazard insurance policy to protect you and the mortgage company from just this type of loss.
What is a loss payee?
Loss payee is a party to whom an insurance loss payment or insurance sattlement may be directly paid.
Is cash covered in a home owners policy?
Home Insurance and Lost CashMost Homeowners Insurance policies automatically exclude coverage for loss of cash, stocks, bonds, fine jewelry and furs unless they itemized and scheduled for coverage under your policy prior to a loss. Some home insurance policies do include a limited amount of coverage for cash, but the limit may be increased for an additional cost.The limit of coverage varies, but you can expect it to be only several hundred dollars.
Taxes on insurance payout?
Depends on the type of insurance and what the payout is for. Life insurance is generally not taxable. Other types may well be. If for a casualty loss it would not be only if it is equal or tless than your actual loss AND you did not claim the casulaty loss as a deduction.
What are different causes of loss in insurance?
neglect
Does diamond car insurance cover the loss of jewelry?
No, diamond car insurance don't cover the loss of jewerly. They cover different kind of insurance like car insurance, home insurance and travel insurance.
Does homeowners insurance cover loss of personal property?
If you scheduled your personal property on your Homeowners Insurance Policy then it will cover. If you failed to schedule your personal property then it will not be covered.
What if your neighbors home burned and your home was damaged how can you make a claim with their insurance?
You don't need too. Just make your loss claim on your own homeowners insurance policy. If your neighbor is liable for your loss then your Insurance Company will subrogate the matter for you.
How do you deduct home owners insurance from a rental property loss?
You can't do that.
Do you have to have homeowners insurance?
If you own the home, with no mortgage on it, no, you do not have to have insurance. That said, it is very ill advised to not have insurance. When buying a home, insurance is generally required so that in case of any loss, the financial institution that holds the mortgage note is protected from loss should the house be damaged or destroyed.
How much insurance should a family have for a residential home?
The amount of insurance a family should have on a residential home depends on the type of home, the square footage of the home, if it requires flood insurance and if the home owner wants to cover property loss.
What is meant by the term contents and buildings insurance?
Contents and buildings insurance is insurance that covers any damage or loss that happens to a persons home and the contents inside. Contents and Building Insurance is usually sold with Home Insurance.
What does loss payee means on a home insurance policy?
The loss payee is the person or entity who will be on the claims settlement check.
Does my homeowners insurance pay for your loss of pay when you fall in your own home and out of work?
No
Does homeowner insurance cover hvac?
Your HVAC is covered under your homeowners insurance for the same perils as your home, such as Wind, Hail, Fire lightning etc and subject to the applicable deductibles. See your Home insurance policy for schedule of covered perils.
Should i get rental insurance?
Rental insurance is a very wise insurance to have. This can cover loss and damage just like a regular home insurance even though you are only renting.
What is the purpose of home insurance?
Homeowners Property Insurance is "Hazard Insurance" that protects the property owner from loss or damage due to the stated covered hazardous perils.
