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| Word |
Definition |
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| Occupancy |
Occupancy refers to the use or intended use of a building or part thereof for the shelter or support of persons, animals or property. A closely-related meaning is the number of units in a building that are rented or leased, or otherwise in-use.
Property insurance rates reflect the way the property is used. In general, "owner occupied" homeowner policies are less expensive than "non-owner occupied" policies. |
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| Off Premises |
This is coverage you may obtain for personal property or "contents" which are away from the principle, insured property. In most cases, the amount of this coverage is limited to a percentage of the property's total coverage. |
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| Other Structures |
Generally other structures are detached structures, such as a garage or tool shed, sharing property with the insured dwelling. Under a homeowner policy, "other structures" are automatically covered for 10% of the limit chosen for Coverage A. |