Day: April 12, 2020

Insurance legal definition of insurance

Insurance

A contract whereby, for specified consideration, one party undertakes to compensate the other for a loss relating to a particular subject as a result of the occurrence of designated hazards.

The normal activities of daily life carry the risk of enormous financial loss. Many persons are willing to pay a small amount for protection against certain risks because that protection provides valuable peace of mind. The term insurance describes any measure taken for protection against risks. When insurance takes the form of a contract in an insurance policy, it is subject to requirements in statutes, Administrative Agency regulations, and court decisions.

In an insurance contract, one party, theinsured, pays a specified amount of money, called a premium, to another party, the insurer. The insurer, in turn, agrees to compensate the insured for specific future losses. The losses covered are listed in the contract, and the contract is called a

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Homeowners Insurance | Liberty Mutual

The cost of your homeowners coverage is largely determined by five factors:

Location

Risks like extreme weather, crime rate, and distance to a fire station all can impact your rate. For example, you might pay more for waterfront property or if you’re located in an area prone to mud slides. Construction costs also vary by region, which is another factor that determines your homeowners rate.

Estimated replacement cost

This is different from the current tax assessment or market value of your home, and accounts for the actual cost to rebuild the structure of your home. For example, if your home was destroyed in a storm, how much would it cost to rebuild it? That amount is the replacement value. Not only are materials and labor considered, but inflation and availability of building materials.

Age and condition

This is determined based on very specific details like building materials, age of the

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