What does Residential Construction Insurance mean? Read on to discover the definition & meaning of the term Residential Construction Insurance - to help you better understand the language used in insurance policies.
Residential Construction Insurance
Residential construction insurance refers to coverage for a house that is still being built or is in the process of completion. The policyholder might be the property owner, the contractor, or both. It covers damage to the uncompleted structure.
More Insurance Terms And Definitions
The Merriam-Webster Dictionary defines insurance as:
b: Coverage by contract whereby one party undertakes to indemnify or guarantee another against loss by a specified contingency or peril.
c: The sum for which something is insured.
We hope the you have a better understanding of the meaning of Residential Construction Insurance. If you are looking for the meanings of other important insurance terms and their definitions, just click on the letter below to find the words & concepts you are looking for: