Package policy that provides both property and personal liability insurance. It may cover the house, garage, other structures on the property, personal property inside the house and offer protection against fire, windstorm, riot or civil commotion, theft, vandalism, and accidental water damage from plumbing, a heating or air conditioning system, or a domestic appliance depending on the extent of the policy. Also called homeowner’s multiperil insurance .
Insurance Encyclopedia
Homeowner’s multiperil insurance
See: homeowner’s insurance .
Homeowner’s policy rates
Cost of homeowner’s insurance, which may depend on its location, age, construction, and replacement costs.
Homeowner’s Policy
The forms within a multiple-line property insurance contract that offer comprehensive package of protection to the homeowner, include fire and other named-perils coverage on property, health, personal accident, liability, workmen’s compensation, machinery breakdown, electronic all risks and burglary and theft under one insurance.
Homeowners insurance
An early and hugely successful example of packaged property and liability insurance. A mid-twentieth century insurance development was the introduction of the so-called multiline era in which insurers became empowered to write both property and liability forms of insurance, making way for the first packaging of these coverages within a single policy. Coverage is provided for the dwelling and contents of the listed property.
Homeowners insurance (Property Insurance)
A policy that insures the policyholder against liability stemming from the perils they may experience as a homeowner or renter.
Homeowners Policy
A package of insurance providing home owners with a broad range of property and liability coverage’s.
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A package insurance policy providing property and liability coverages tailored to the needs of most home owners, condominium owners, and apartment tenants. Various versions are available depending on the type of dwelling insured and the scope of protection to be covered. It is the most commonly used insurance policy protecting homes in the United States.
Homeowners policy (Liability Insurance/Property Insurance)
A policy that covers hazards to a homeowner or renter of a home. These policies typically cover the homeowner and the home.
Homogeneous Area Approach for Crop Insurance
An agriculturally homogenous area that can be insured as one unit. This unit may comprise several blocks of land. For loss adjustment in this approach, the actual average yield of a crop is assessed by sample survey through crop cutting or other methods, and compared with the guaranteed (insured) yield. The same yield loss is applied to all insured farmers within the defined area, disregarding individual differences in actual damage and crop yield.
Homogenisation
The structuring of an insurance portfolio to make the exposure within it more similar, e.g. through the use of surplus treaty reinsurance.