Homeowners insurance costs are higher in the states that are more susceptible to hurricanes, floods or tornadoes.
As a means of financial loss protection, a party agrees to guarantee another party reimbursement in the case of a certain loss, damage, or injury in exchange for a fee. It is a risk management technique that is typically used to guard against the danger of a hypothetical loss that may or may not materialize. Underwriters, insurers, insurance businesses, or carriers are all terms for companies that provide insurance. A person or organization that obtains insurance is known as a policyholder, whereas a person or organization that the policy protects is known as an insured. Policyholder and insured are sometimes used synonymously but not necessarily because coverage may occasionally extend to additional insureds who did not purchase the insurance.
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