Blanket Insurance

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DEFINITION

A single policy on an insured property that covers more than one type of property at the same location, the same kind of property at more than one location, or two or more kinds or property at two or more locations. Homeowner's insurance that covers personal possessions as well as the actual dwelling "blankets" all the homeowners' goods.

INVESTOPEDIA EXPLAINS

Borrowers are required by lenders to have and maintain homeowner's insurance in order to protect the lender from destruction of or damage to the home. The benders demand this because they want the home protected as it is the collateral backing for the mortgage.


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