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What does loss assessment mean on a homeowners policy?


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2014-10-06 20:19:50
2014-10-06 20:19:50

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..


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You mean cover the owner who is listed on the policy? =No!

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.

Loss history refers to the claims you have had in the past wether on that property or another.

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.

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.

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.

It's referencing your House insurance. Homeowners insurance is also known as a Home Hazard Insurance Policy.

An occurrence is a loss, or a claim filed on the 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.

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.

You are not responsible nor liable for Acts of Nature. The windstorm coverage on your policy covers your home, not the neighbors. Your neighbors Homeowners Insurance Policy will cover his damages as stated in the terms of his Policy. It's no different than if his own tree fell on his house.

I presume you mean 'homeowner's insurance'. Some contracts do cover it, some don't. You will have to look at the small print in your own policy.

Every "homeowners" insurance policy in State of Florida is designated HO. The number after it indicates what type of policy it is. H0-1 typically indicates it is a Dwelling policy, which usually provides the most basic coverage. HO-3 indicates whats called "Special Form" coverage, which is typically the most inclusive and comprehensive. HO-6 indicates that it is a Condominium coverage type policy. Please read your policy for any further detail/explaination. This is a broad explaination that may not apply to all specific policies. If you do not understand your policy, call your agent and have them explain it to you.

The assessment will not be done on the schedule stated, it will be done later - it is postponed.

Abandonment means "to abandon". In other words, the house is not vacant because there are still personal belonging in it, but there is no one occupying the home. It and its contents have been abandoned.

per-assessment mean

To emphasize your self assessment would mean to put more effort into describing how you view yourself. Make your self assessment the most important part of what you are writing. Your self assessment is (in your own words) how you would describe yourself, your views, your individuality.

No. If you mean something you borrowed from someone else then no. You cannot insure anything you don't own. The owner of the items can make a claim on their homeowners policy as coverage is extended off premises for up to 10% of the coverage c. This covers you while on vacation, business trips, etc.

Indemnity is protection against a financial loss. An example would be when a person purchases an insurance policy to protect themselves from large financial losses due to sickness, accidents, or loss of material property.

Assessment of tax made before it is possible to make a final assessment which is often based on, for example, estimated figure or the previous year's figures.

Hard to insure homeowners insurance could mean that you have poor credit or represent high risk to a homeowners insurance company.

The word "assessment" can mean evaluation or valuation. Used for determining a status (health, fitness) or the state of a process, an assessment combines various factors to provide an overall determination. Used for determining property value (as for taxes), an assessment is a relative comparison based on similar properties, appraisals, and actual sales.

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