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Terms of real estate insurance in America


Terms of real estate insurance in America

Many insurance contracts in America on the contents of the home include repairing or replacing devices with new ones in the event that the covered house is damaged, make sure that the contract refers to replacing the devices or paying for a new device.

Terms of real estate insurance in America

Before you start calculating the cost of renovating your home in the event of a fire or any devastating disaster, you must first secure an alternative home for your family to live in. Make sure that your home insurance provides you with the cost of the replacement home during the repair period, whether you are the owner or a renter.

Evacuation responsibility

If you live in a rented home, you may think that the landlord is responsible for paying for necessary accident repairs. Your belief is correct, unless you are responsible for endangering the home. If you are a renter, and you get home insurance, make sure that the contract includes providing a liability allowance in case something happens to the house during your stay.

Loss of rental value

If you benefit from, renting out your home, you can claim an allowance for the rental value during the period of carrying out the necessary repairs, if this is stated in the home insurance contract.

Travel insurance

The insurance policy must include the protection of the house and its belongings even while you are traveling, as the house may be exposed to many risks during your absence for long periods, and in this way you can travel with peace of mind.

General Contractor Insurance

Some states require the contractor to obtain this type of insurance in order to obtain a "general contractor" license. If the contractor is the direct supervisor of the project, it is better for him to obtain this type of insurance (even if the insurance is not mandatory), as the insurance guarantees compensation for unexpected material damages that do not exceed the amount of insurance (the value of the contract).

The "general contractor's insurance" includes compensation for damages resulting from fire, theft or natural disasters, and the insurance may also include compensation for damages that may occur to machinery and equipment within the project, either fully or partially, and machinery and equipment compensation must be recorded in a separate and clear clause in Insurance document.

Liability Protection

When you enter into any investment, you may be subject to a lawsuit (rightly or not) from an employee, partner or a third party, and through liability insurance, the insurance company takes care of all the judicial expenses, and when you rent the property, this type of insurance provides you with medical and legal costs in the event The tenant suffered damage as a result of a defect in the property.


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