Question

Discuss the policies and contracts that are covered risk management for home owners.

Answer 1

Historically, fires were the most damaging cause of loss. In “Shaped by Risk: The Fire Insurance Industry in America 1790–1920” by Dalit Baranoff, the author describes the major conflagrations in the United States that engulfed parts of cities such as Chicago in 1871.Dalit Baranoff, “Shaped by Risk: Fire Insurance in America 1790–1920,” Ph.D. dissertation, Johns Hopkins University, 2003. Losses from fire cost society dearly. The cost for firefighting in the 2003 southern California fires alone was estimated to be $2 billion in insured losses.Mark E. Ruguet, “Fire Fight Est. $67 M, Total $2 B,” National Underwriter Online News Service, November 3, 2003. The Rhode Island Station Club