Occupancy And Fire Rates

Definition of "Occupancy and fire rates"

Ola Martin real estate agent

Written by

Ola Martinelite badge icon

Bliss Real Estate

Direct relationship between the use to which a building is put and the likelihood that it will catch on fire. Occupancy is one of the most important factors in setting fire insurance rates. For example, a building that houses an explosives manufacturer is at much greater risk than one occupied by a jewelry boutique. Other factors that influence the risk of fire are geographical location, construction, nature of the neighborhood, and the adequacy of protective devices.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

State plans that provide health insurance coverage for those who are unable to purchase medical insurance. Coverage is provided by a specially formed nonprofit-making pool comprised of all ...

Maximum sum of money that the insurance company will pay, during the time interval that the product liability insurance coverage is in effect, for all product liability-related claims ...

Standard property/casualty insurance premium set by a state rating bureau. States have responsibility for regulating insurers and making certain that rates are reasonable. To this end, ...

Account established by the insurance company specifically for beneficiaries of a life insurance policy where the beneficiary has the choice of leaving the death benefit on deposit in the ...

Case where an insurance company is placed by the state court under the control of the state insurance department. Claims are paid in the order filed until the insurance company's ability to ...

Health plans established by associations of hospitals and physicians to provide hospital service and care, and medical and surgical care. ...

Nominal interest rate minus the rate of inflation. ...

Statistical approach stating that if a series of samples is taken from a stable population, the distribution of the means (averages) of these samples will form a normal distribution whose ...

Apparent agreement that is not a valid contract. ...

Popular Insurance Questions