A multiple peril contract for owners or occupants of dwellings, generally including fire, theft and liability coverage. A homeowner’s policy is a package policy combining many additional types of coverage not included in basic fire policies.
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Maximum Dollar Limit
The maximum amount of money that an insurance company (or self-insured company) will pay for claims within a specific time period. Maximum dollar limits vary greatly. They may be based on or specified in terms of types of illnesses or types of services. Sometimes they are specified in terms of lifetime or sometimes for a year.