Coinsurance Clause


Definition of "Coinsurance clause"

Angelica Heller real estate agent
Angelica Heller, Real Estate Agent RE/MAX Space Center

Provision in an insurance policy that caps the insurer's liability by stipulating that the owner of the property that has experienced damage must have another policy that covers usually at least 80% of the cash value of the property at the time of damage, in order to collect the full amount insured. This serves as an inducement for an individual to carry full coverage.

 

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