HOMEOWNER & FLOOD
INSURANCE
Legal Insurance Terms
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HOMEOWNER COVERAGE;
This is an insurance policy that protects your personal real estate and its contents. Just as Property Insurance protects your commercial real estate, a homeowner's policy can protect your home against structural damage or loss, contents damage and loss, and liability coverage.
Sure, your home might not be open to the public, but that doesn’t mean your home premises aren’t used for business purposes all the same. In fact…
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If a postman simply drops off packages and supplies for your business, you could have lawsuit on your hands if he slips and falls on your property. And your homeowner’s policy won’t help fund your legal expenses.
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If a fire destroys your home office, you may have to pay to replace your business property and repair your office out of pocket.
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If you bring a client’s laptop home and accidentally spill coffee on it, you could be sued for repair expenses, and only a commercial liability policy can help with that.
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FLOOD COVERAGE:
A flood is a general and temporary condition where two or more acres of normally dry land or two or more properties are inundated by water or mudflow.
Anywhere it rains it can flood.
Many conditions can result in a flood: hurricanes, broken levees, outdated or clogged drainage systems and rapid accumulation of rainfall. Just because you haven’t experienced a flood in the past, doesn’t mean you won’t in the future. Flood risk isn’t just based on history, it’s also based on a number of factors: such as rainfall, river-flow and tidal-surge data, topography, flood-control measures, and changes due to building and development. New development miles upstream can create flooding in your area.