A person entitled to benefits under the terms of the policy. Generally, an insured is any relative or dependent person in your care if they are residents of your household. Liability coverage protects you in the event another person is injured on your property due to your negligence. Liability coverage also provides protection if somebody else's property is damaged due to your negligence. A monoline policy contains only one type of coverage, such as liability insurance or fire insurance.
Most homeowners purchase package policies rather than monoline policies.
It offers fire and extended coverage, as well as coverage for vandalism, malicious mischief, and sprinkler leakage to consumers who are unable to purchase homeowners insurance from individual insurance companies. A decision by a homeowners insurer not to revew coverage beyond the three-year policy period. In New York, homeowners insurers that intend to nonrenew must notify policyholders between 45 to 60 days prior to the close of the three-year policy period. A package policy, or homeowners multi-peril policy, includes several different types of coverage, such as fire insurance, liability insurance, theft, and extended coverage. The cause of a loss - hurricanes, fires, burglaries and accidents can all be considered perils.