Loss assessment on a homeowner's insurance policy is protection against getting sued for a person being injured on the property. This is a common insurance that condominium owners need to protect themselves from lawsuits for someone being injured in the common areas of the condominium complex..
Ho4 means it's a renters policy ho3 is a homeowners policy ho6 is a condo policy dp3 is a rental property (landlord coverage)
not sure what you are referring to as a ''property'' insurance policy........ homeowners policy, direct physical loss would mean......(the key here is ''direct''), the tree fell on the house causing a 'direct' loss to the roof, and an ''indirect'' loss to the interior dwelling from the rain that came in.......if you could be more specific I'll try and help more..........
Risk is an uncontrolled exposure to loss.
I assume you mean your friends homeowners policy & no it probably won't be covered.
An all risk policy is actually what most standard homeowners policies are and it does not mean "literally" all risks are insured. These are polices that are written not with named perils but they would cover any loss unless it meets one of the exclusions. There will be many exclusions and conditions so read your policy well.
Not sure what you mean by "Bad Masonite siding"?.. If you mean they did a "bad job" installing the siding. No, Homeowners insurance does not cover poor quality or workmanship of the contractors we choose to hire.
Loss history refers to the claims you have had in the past wether on that property or another.
It a standard homeowners insurance policy, for a detached single family home (as opposed condominium -- which is HO-6), and the HO3 distinction also indicates the policyholder is the homeowner as opposed a tenant.
It's referencing your House insurance. Homeowners insurance is also known as a Home Hazard Insurance Policy.
In the USA excess usually means that the benefits are over and above any other insurance that you might have in your primary policy, For example, a homeowners policy may provide a stated benefit for lost luggage while traveling. For an additional premium, you may be able to buy an excess travel policy that provides benefits for an additional amount of coverage for the same type of loss.
An occurrence is a loss, or a claim filed on the policy.
Endorsements are an amendment to the policy form that is designed to either add coverage or reduce coverage. Most of the time it is granting additional coverage for something that you need covered but which is not on the basic form.