Demolition Insurance
Definition
- A form of insurance, generally offered as part of a property insurance policy, used to provide coverage for the costs involved in demolishing a building damaged irreparably by an insured peril, such as a fire or storm. Demolition insurance may or may not cover the removal of debris or pollutants, depending on the policy.
Synonyms
bulldozing insurance, wrecking insurance
Related Terms and Acronyms
- Catastrophe Insurance — Definition,
- Insurance that covers losses due to catastrophe hazards such as hurricanes, earthquakes and terrorist attacks.
- Commercial Property Insurance — Definition,
- Property insurance that provides coverage for damages to commercial property due to named perils such as fire or theft.
- Debris Removal Provision — Definition,
- A property insurance policy provision that can pay for the costs of cleaning up debris resulting from insured damages.
- Fire Insurance — Definition,
- Insurance that covers losses from fire damage to insured assets.
- Insurance (insur) — Abbreviation,
- An arrangement where one party provides financial protection to another party for specific damages or losses.
- Peril — Definition,
- Anything that poses a risk of loss, which may or may not be insurable depending on the potential for risk.
- Property Insurance — Definition,
- Insurance that provides coverage for damages to property from a number of perils.
- Self-Build Insurance — Definition,
- Insurance that covers a homeowner for problems involved in a construction project.
- Tear-down Condition — Definition,
- A house that is bought so it can be razed to make room for a newer house; usually located in a spectacular setting.
- Water Damage Insurance — Definition,
- Insurance that covers water damage to insured property.
