Definition: Electricity Insurance refers to a policy that provides financial protection against damage caused by electrical surges, voltage fluctuations, and other electrical hazards. It typically covers losses resulting from short circuits or power outages in order to cover the costs associated with repairs or replacements. The term 'electricity insurance' is often used in the context of commercial property insurance where the insurer insures that a building, structure, or equipment will not be damaged by lightning strikes, electrical surges, or other types of electrical hazards. Here's a brief definition: Electricity insurance typically covers the financial losses resulting from short circuits, voltage spikes, and power outages. This coverage is designed to prevent these occurrences from occurring in the first place through the use of safety devices, protective measures, and circuit breakers. For example, an individual might purchase electrical insurance if they are building a new home or an existing one that is experiencing frequent power outages. They might also wish to cover the cost of repair when their appliance malfunctions due to faulty wiring or other electrical issues.
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