insurance

What is blanket insurance?

 

What is blanket insurance?

The Bankrate.com financial term of the day is: "blanket insurance."
If you live in a condo, co-op or a neighborhood with a homeowners association, the development will have an insurance policy called "blanket insurance." But this blanket doesn't give you complete security because it covers areas owned in common -- such as a pool, and maybe the buildings -- but it doesn't cover your possessions inside the home.  

Blanket insurance tucks in coverage for the common areas of a housing development, but there are holes in the blanket because it doesn't cover your personal property.

To get an insurance quote, visit the Insurance section at Bankrate.com.

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