FIN 3440 Midterm: fin 3440 homewoners
Document Summary
Fire, property, life, health, and di are examples. Homeowners policy (ho) is a combo of first-party and third-party. Both ho and commercial insurances recognized as insurance of a single building against fire. A separate section identifying the various kinds of property covered was eventually added. Over time, coverage was expanded to cover other causes of loss than fire. Regulation in new york in 1949 led to property/liability ho insurance in one policy. Two forms became increasingly mandatory for more is u. s. population. The home is one of the most expensive and important assets that the average person will own in a lifetime. The homeowners policy (hp) is similar to the automobile insurance policy because it includes both property and liability protections for the insured. Lenders usually require homeowners to have homeowner"s insurance if they financed the home with a mortgage.
