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House Insurance | |||||||||||||||
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House Insurance
The house insurance policy is usually a term
policy—a policy that is in effect for a fixed period of time. The home
insurance payment the insured makes to the insurer is called a premium.
The insured must pay the insurer the premium for their home insurance
each term. Most insurers charge a lower premium for home insurance if it
looks less likely the home will be damaged or destroyed: for example, if
the house is next to a fire station, or if the house is equipped with
alarms and sprinklers.
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