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There must be some way to determine whether a loss has occurred and how great that loss is.This is why insurance contracts specify very definitely what events must take place, what constitutes loss, and how it is to be measured.Insurance, a system under which the insurer, for a consideration usually agreed upon in advance, promises to reimburse the insured or to render services to the insured in the event that certain accidental occurrences result in losses during a given period.
The advantage of these contracts is that if property is destroyed by a peril not specifically excluded the insurance is good.They also cover removal of debris following a loss, expenditures to protect property from further loss, and loss of property removed from the premises for safety once an insured peril has occurred.Recovery under homeowner’s forms is limited to loss due directly to the occurrence of an insured peril.Under the former, the owner suffers no reduction in loss recovery due to depreciation of the property from its original value.
This basis applies if the owner took out coverage that is at least equal to a named percentage—for example, 80 percent—of the replacement value of the property.
Thus the homeowner’s policy is multi-peril in nature, covering a wide variety of risks formerly written under separate contracts.