Definition: The term "bfl insurance" is a common abbreviation used to refer to broad-based, low-frequency life assurance (BFL) policies or products that cover short-term risks such as natural disasters, accidents, and theft. ### Definition of 'bfl Insurance' -

Definition 1

: Broad-Based Life Insurance (BFL): This type of insurance covers risks that are not covered by traditional homeowners' insurance but can still be covered if the property is damaged due to a natural disaster or other catastrophic events. The coverage is generally less comprehensive than traditional homeowners' policies, providing more limited protection against specific types of damage. -

Definition 2

: Low Frequency Life Insurance: This type of life insurance policy covers short-term risks such as natural disasters, accidents, and theft. These risks are not covered by the homeowner's insurance policy and can be covered if the property is damaged due to an unexpected event like a hurricane or fire. ### Common Features of BFL Policies -

Coverage

: Many policies provide broad coverage that includes both accidental damage and intentional acts (like arson) but may exclude more specific types of loss. The level of coverage is determined by the amount of premium, rather than by the size of the insured's property. -

Low Premiums

: BFL premiums are generally lower than traditional homeowner's insurance policies as they provide more limited coverage. -

Flexibility

: Some policies allow for a higher deductible or an option to buy additional coverage (like extended coverage) after deducting the policy premium. ### Types of BFL Policies -

Standard Policy

: This is the most common type of BFL and covers accidental damage, but it does not cover intentional acts like arson. It typically includes low premiums and provides a higher level of coverage than other types of policies. -

Extended Coverage

: This option adds additional coverage beyond standard policy limits. Premiums are more expensive than standard policies and can provide a better balance between protection and cost. However, some extended coverage options have limited benefits. -

Non-standard Policy

: These policies offer specific features such as enhanced protection against hurricanes or earthquake damage. They typically come with higher premiums but include additional coverages like flood insurance or other types of loss recovery measures. The term "bfl insurance" is often used to describe products that are designed to provide a more comprehensive coverage than traditional homeowners' insurance, but have lower premium costs and limited deductibles compared to the typical standard homeowner's policy.

bfl insurance