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Owner-controlled insurance program. An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions). [1]
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
Property owners can also claim depreciation, which accounts for the incremental loss of a property’s value due to wear and tear. Depreciation is a non-cash expense that reduces taxable income.
Home insurance. Home insurance, also commonly called homeowner's insurance (often abbreviated in the US real estate industry as HOI ), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents ...
In a significant turn of events for the real estate industry, the NAR reached a proposed $418 million settlement agreement in a class-action antitrust lawsuit. The lawsuit, brought on by a group ...
Landlords' insurance is an insurance policy that covers a property owner from financial losses connected with rental properties. [1] The policy covers the building, with the option of insuring any contents that belong to the landlord that are inside. Landlords' insurance is often referred to as buy-to-let insurance, however buy-to-let insurance ...
Casualty insurance is a defined term which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance. Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or omissions. [2]
Real estate appraisal, property valuation or land valuation is the process of developing an opinion of value for real property (usually market value).Real estate transactions often require appraisals because they occur infrequently and every property is unique (especially their condition, a key factor in valuation), unlike corporate stocks, which are traded daily and are identical (thus a ...