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Conditions for real estate insurance in America

 

Conditions for real estate insurance in America

The housing insurance policy is vital covers for every family to protect the home against the risks of fire and burglary, as well as damage to the contents and explosion of plumbing pipes and may extend to cover natural hazards such as storms, floods and hurricanes.

 

Home insurance policy in the United States

The housing insurance policy is a very important personal document for every family and home, and this document is widespread in foreign markets, especially the United States, which is exposed to many natural risks annually, such as hurricanes, forest fires, etc., and American insurance companies cover homes against the risks of burning, lightning, volcanic eruption, storms and winds , cold and riots.

 

As well as damage caused by aircraft and sabotage, as well as frost and snow damage, explosions and smoke damage, damage caused by vehicle collisions with housing, water damage caused by plumbing and other works, as well as damage caused by water heater and falling objects on dwellings.

 

Conditions for working a home insurance policy in America

The conditions of the home insurance policy in America cover the risks of loss or damage to the contents of the family home as a result of the realization of any of the dangers of fire, explosion, water hazards, natural hazards, and intentional harmful act by non-members of the insured's family, or those in his service.

 

In addition to rent compensation in the event that the dwelling is not fit for habitation when any of the high risks are realized, as well as personal accidents for the insured and his wife, and civil liability before the owner or third parties as a result of the realization of any of the above risks.

 

There are several criteria for determining the type of coverage of a home insurance policy. For example, in the United States there are some states that are prone to hurricanes such as Florida and Texas. Clients purchase separate insurance coverage to insure against the risks of wind, hail and hurricanes.

 

Exceptions to the housing insurance policy in the United States of America

The housing insurance policy excludes earthquake risks, but some earthquake-prone areas such as Florida have to purchase a separate policy to cover natural risks such as earthquakes, and Tennessee and Florida cover the risks of landslides that may swallow or partially destroy some homes.

 

The housing insurance policy also excludes the risks of floods, and in the case of areas that may be exposed to floods, families are forced to purchase separate insurance coverage against floods. The document also excludes the risks of war and government actions.

 

For example, property seized by the government will not be covered by a prominent field, and the document excludes nuclear accidents as the nuclear power plant in question usually covers damages caused by nuclear accidents.

 

Although there are dozens of homeowners insurance companies in the United States, a large portion of the market is controlled by a few.

 

In 2017, the five largest insurers accounted for 46% of direct premiums written for multiple homeowners' policies. This pattern has been fairly consistent over the past five years, and in 2012 the five largest insurers held 47% of the total market share.

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