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Helpful terms to better understand
your homeowners policy. Insurance Definitions Homeowners insurance — A policy that includes hazard coverage, covering loss or damage to property as well as coverage for personal liability and theft. Liability insurance (homeowner) — A policy that protects owners against claims by other parties of negligence, personal injury or property damage. Blanket insurance — A policy that covers common areas of a co-op, condominium or a neighborhood governed by a homeowners association. Such a policy doesn't cover dwellings or contents of dwellings, but areas owned in common. Flood insurance — A policy that pays the homeowner for damage caused by rising water. It does not reimburse the owner for falling water, such as rain falling through a hole in the roof, but pays for damage stemming from flooding. Hazard insurance — Insurance coverage that compensates for physical damage to a property from natural disasters such as fire or other hazards. Depending where a piece of property is located, lenders may also require flood insurance or policies covering windstorms (hurricanes) or earthquakes. Mortgage insurance — Also known as MI or PMI, meaning private mortgage insurance. A policy that protects the lender by paying the costs of foreclosing on a house if the borrower stops paying the loan. Although mortgage insurance protects the lender, it is paid monthly by the borrower. Mortgage insurance usually is required if the down payment is less than 20 percent of the sale price. |
| Reinsurance | close x |
| People's Trust has a comprehensive and substantial reinsurance program. The program has been designed to protect People's Trust policyholder surplus in the event of a major catastrophe. People's Trust has placed catastrophe excess of loss reinsurance up to the 100 year modeled return period for its entire portfolio of insureds | |