Insurance that provides coverage for damages to property from a number of perils.A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.An agreement between two or more parties that can be enforced by law.The agreement is secured and backed by a cash deposit as evidence of good faith on the part of the purchaser. An agreement to consider the purchase of real estate.When used in insurance policies, an event caused by natural forces such as hail, rain, tornado, lightning, floods or earthquakes, which results in damage to property.Synonyms temporary insurance, immediate insurance, interim protection Related Terms and Acronyms Its sole purpose is to verify that the homeowner's property is, in fact, properly insured. A document accompanying a homeowner's insurance policy.
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