Homeowners

Policyholder Rights and Resources

Your insurance policy is an aleatory contract between you and your insurance company.
- “Aleatory” means that something is dependent on an uncertain event, a chance occurrence. Aleatory is used primarily as a descriptive term for insurance contracts. An aleatory contract is a contract where performance of the promise is dependent on the occurrence of a fortuitous event.
- This means that until a covered loss occurs, you are the only one of the two parties who has an obligation to withhold your contractual obligations. Under your policy, your insurance company in turn has a duty to indemnify you for your covered loss.
- It is fraudulent for your insurance company to deny coverage

The Fair Settlement Act provides rights to all Ohio policyholders

Your insurance policy is an aleatory contract between you and your insurance company.
- “Aleatory” means that something is dependent on an uncertain event, a chance occurrence. Aleatory is used primarily as a descriptive term for insurance contracts. An aleatory contract is a contract where performance of the promise is dependent on the occurrence of a fortuitous event.
- This means that until a covered loss occurs, you are the only one of the two parties who has an obligation to withhold your contractual obligations. Under your policy, your insurance company in turn has a duty to indemnify you for your covered loss.
- It is fraudulent for your insurance company to deny coverage on a covered loss.

The Fair Settlement Act provides rights to all Ohio policyholders.