Notice of Loss
Definition:
Notification given to the insurer when a loss occurs.
Explanation:
Policies require homeowners to promptly notify the insurer of damages. Failure to provide timely notice can delay or jeopardize coverage.
Example:
If a storm damages your roof, you must notify your insurer as soon as possible to file a claim.
Why it matters:
This term affects how claims are handled and what payout a homeowner may receive.