Home insurance, also referred to as homeowner's insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers private housing.
It is an insurance policy that combines various forms of personal insurance protection, which can include losses to one's home, its contents, loss of use (extra living expenses), or loss of other personal property of the homeowner, as well as accident insurance.
This may happen at home or by the homeowner within the territory of the policy. In addition, homeowner's insurance provides financial protection against disaster. A standard home insurance policy insures the home itself as well as the items kept inside.
Learn Fire Insurance in America
Non-life insurance based on compensation for fire damage. Fires used in fire insurance mean (1) that non-combustible items will burn where they should not burn from normal fire use, and (2) if left unattended, fires may expand naturally and this refers to combustion satisfying two conditions.
Recently, it is not only fire damage, but also comprehensive insurance against various perils such as compensation for damages such as theft, traffic injury, liability, etc. in response to the demands of risk diversification. He has a strong personality.
Fire insurance
In principle, it compensates for damage caused by fire, regardless of the cause, but commercial law provides for natural damage and depletion due to the inherent nature of the insurance purpose, harmful or dangerous to the policyholder or the insured.
No compensation is required for damages caused by negligence, and damages due to wars or other disturbances will not be compensated unless otherwise stated.
In addition, in actual contracts, damages from nuclear power, earthquakes, explosions, etc., which were significant at the time of the disaster and could not be borne by the private insurance company, are often excluded.
However, in recent years, the scope of these exemptions has shrunk in order to meet the demands of the times, such as compensation for damages caused by eruptions that were not guaranteed in the past. In addition to fire insurance, earthquake insurance and as a result, the company has opened a way to deal with damages such as burning and collapse caused by earthquakes and explosions.
Fire insurance applies to buildings such as homes, shops, household goods, products and machinery, such as movable property and real estate.
It can also cover indirect damages such as rent that cannot be obtained due to burning of the building, earnings during vacations, etc. The amount insured when the damage occurred is the sum insured The value of the insurance The principle of commercial law is that it is calculated by multiplying the amount of damage by (the market value of the purpose of insurance at the time of the loss).
This is called the proportional compensation method. According to this, the sum insured is less than the sum insured. Partial insurance In this case, the full amount of damage will not be paid, and it is difficult for ordinary contractors to understand it.
In order to eliminate these adverse effects and further enhance the spread of fire insurance, we have revised the product so that the proportional compensation method is not applied to fire insurance for general families if the sum insured is 80% or more of the insurance value (this is called the actual loss compensation method) In recent years, there has been a movement to dilute this method, such as the development of new value insurance.
In addition, when the sum insured exceeds the insured value, it is called excess insurance. Even in the event of damage, the insurance value is the maximum payment from the insurance. This is because fire insurance is a contract for the purpose of compensation for damages and does not allow profits to be made from the occurrence of damages. If this is recognized, the so-called arson with the aim of gains, etc. moral hazard This is because there is a risk of causing.
Insurance period
Usually one year. Also called premium premium In principle, the full amount is paid at the same time as the contract payment, but at present, the group-based payment is made through check-out from the salary, and the individual premium is paid by automatic withdrawal from a bank account , and so on. are different payment methods.
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