Homeowners Policy

Coverage C Special Limits

$200 on money bank notes coins gold silver platinum smart cards. etc $1,500 on securities deeds passports personal records tickets stamos $1,500 on water craft including trailers equipment motors engines furnishings $1500 for loss by theft of jewelry watches firs $2500 for loss by theft of firearms 2500 on property on the residence premises used primarily for business purpose 500 on property off the residence premises used primarily for business purpose

Standard Deductible for homeowners policy

$250 Higher the deductible the lower your premium the higher your deductible the lower your premium

Section 2 Exclusions`

1. Apply to section 2 ( motor vehicle liability- vehicles used to service residence) 2. Apply to both coverage e and coverage f 3.only apply to coverage e 4.only apply to coverage f

Coverage C Property Not covered

1.Articles separately describes and specifically insured in this or other insurance 2.Animals 3.Motor Vehicles except those not to be required to be registered for use on public roads, used solely to service a residence or designed to assist handicap or help around house 4.Aircraft, hovercraft and their parts 5.Property of roomers 6.Property in an apartment rented 7.Water or steam

First Aid Expenses

1.Cost incurred by insured to administer first aid to others for bodily injury. 2.For guest, not for son wife etc.

Additional Coverages

1.Debris Removal amount included in limit of liability if limit is exhausted additional 5% is available 2.Reasonable Repairs pays reasonable expenses to protest covered property from further damage. Does not increase limit of insurance 3.Trees Shrubs and Plants Limit is 5% of coverage a with $500 maximum per tree shrub or plant. Coverage not provided by damage of these by wind or any other peril. Only fire theft etc 4.Fire Department service charge- pays up to $500. Not within city limits 5. Property Removed pays for damage to insured property removed from residence premises. Coverage provided for all cause of loss for maximum of 30 days. Flood is not covered cause of loss. 6.Credit card coverage- up to 500 7.Loss assessment- pays up to 1000 for a certain loss assessments from an association of corporation of property owners. 8.Collapse- pays for abrupt falling down or caving in of building if building cannot be occupied for intended purpose after collapse. 9. Glass 10. Landlords Furnishings- pays up to 2500 in each apartment on the residence premises for appliances carpeting and household furnishing. Named peril basis, theft excluded. 11. Ordinance Or Law 10% of coverage A limit 12. Grave Marking- up to 5,000 by loss by named perils.

Claim Expenses

1.Expenses incurred by insurer to defend a suit 2.Insureds loss earning up to 250 a day 3.Premiums on bonds required in a suit 4.Post judgement interest

Conditions

1.Limit of liability- no more than the amount shown on the declarations 2. Severability- Insurance applies separately to insureds 3.Duties after Occurrence- Give written notice as soon as practical Cooperate Promptly forward documentation Assist the insurer Submit proof of loss within 60 days No insured shall make payments on behalf of the insurer 4. Duties of an Injured Person - Coverage F Give insurer written proof of claim as soon as practical under oath if required Authorize insurer to obtain medical records Submit a physical exam by a doctor of insurers choice 5.Payment of claim to others

Exclusions

1.Ordinance or Law- other than as provided in the additional coverage's 2.Earth Movement- earthquake landslides mudslide or mud flow, sink hole. HOWEVER fire explosion or theft that results is covered. 3.Water- Damage including flood , title waves, tsunamis, storm surge HOWEVER fire , explosion or theft that results is covered. 4.Power Failure- causes by an off premises event 5. Neglect- failure of insured to protect and save covered property 6. War- 7.Nuclear Hazard- 8.Intentional Loss- act committed by insured to cause loss 9. Government Action- Destruction or seizure of property by govt. authority.

Coverage F medical payments to others

1.Pays necessary and reasonable medical expenses incurred within 3 years of an accident that caused bodily injury 2.Legal liability is not required

Damage to Property of others

1.Pays up to 1000 per occurrence for property damage of others cause by an insurer 2.Payment made Regardless of legal liability Does not apply to 1.Property insured in section 1 of policy 2.Damaged caused intentionally by an insured age 13 or older 3.Damage to property owned by or rented to a tenant

A grave marker was damaged by vandals. It would cost 3000 to have the damage repaired. Under these circumstances how much would a homeowners policy pay?

3,000 ( will pay up to 5000)

How much coverage is provided under a homeowners policy for theft or unauthorized use of a credit card

500

The dwelling insured on HO2 HO3 or Ho5 forms is covered for replacement provided that it is insured for at least what percentage of replacement cost on the date of loss

80%

Coverage C

Actual cash value

Personal Injury Endorsement

Adds liability coverage for personal injury offenses including False arrest detention or imprisonment malicious prosecution wrongful eviction slander or libel violation of privacy Does not apply to Deliberate infliction of personal injury or violation of another rights Knowing committing slander Criminal Acts Arising out of employment or buisness

The amount an insurer will pay on coverage D(loss of use) depends on

Amount of coverage on the dwelling

Which of the following risk would not be eligbile for coverage under a homeowners policy? An applicant who lives in a duplex that she does not own An applicant who owns and lives in a duplex An applicant who owns and lives in a single family dwelling that also contains incidental business activities An applicant who owns and lives on a commercial farm

An applicant who owns and lives on a commercial farm

Which of the following would be covered by an HO policy? A sports car kept in a attached garage Property of a tenant not related to the insured An oriental rug in an on premises apartment Birds fish and animals

An oriental rug in an on premises apartment

Which of the following best describe liberalization clause in a policy?

Changes adopted by the insurer that broaden coverage automatically apply to the policy at no additional.

Personal Property Replacement Cost Loss Settlement HOPE

Changes loss settlement for coverage C property from actual cash value to replacement value Also applied to awnings carpeting and appliances Only applies to the following classes of property jewelry furs cameras silverware musical instruments. Ineligible- antiques fine arts paintings and collectors items

The_____form provides broadest coverage of all homeowners form

Comprehensive HO5 Form

The difference in the contents coverage on an HO-3 and HO-5 is which of the following?

Contents are covered open peril on HO-5 and named peril on HO-3

Under what coverage does the HO6 unit owners form provide other structures coverage?? Coverage A Coverage C Coverage D Coverage e

Coverage A HO6 does have coverage A and B but they are combined. Ho4 does not have Coverage A and B

HO6 Unit owners form

Coverage B not not apply other structures are insured under coverage A

With regards to a homeowners policy which coverage provides for indirect or consequential losses?

Coverage D

Permitted Incidental Occupancies Endorcement HOPE

Covers a structure of the residence premises under cover B specifically describes for a direct loss by an insured peril for a specified limit when used to conduct business Provides coverage C limit 2,500

Earthquake Endorsement HOPE

Covers loss to property insured caused by an earthquake under Coverage AB or C a single earthquake is defined as 1 or more shocks in 72 hours Deductible is percentage of Coverage A or C whichever is greater will not be less then $500

Business Pursuits Endorsements

Extends liability for insurers involvement in buisness.

Home Day Care Endorsement

Extends to section 1 and section 2. Coverage to the incidental business coverage Business must be conducted by insurer on premises Does not cover any injury to any employee

The homeowners policy covers collapse caused by all of the following except? Weight of to many people attending a event in a house Foundation cracks Weight of snow Hidden insect or vermin damage

Foundation cracks

Which of the following homeowners forms is designed to provide named peril coverage for personal property to individuals who rent an apartment? HO-6 HO-2 HO-3 HO-4

HO-4

Which of the following homeowners polices covers those who rent their dwelling

HO-4

An insured condominium owner wants to purchase fire and extended coverage for personal property and liability coverage for himself and his family members, He should purchase

HO-6

HO-8

Historical, usually insured older homes where the replacement and marked values are disproportionate .

Coverage D Limits of Liability

Ho2 Ho3 Ho5 limit is 30 percent of coverage A HO4 limit is 30 percent of coverage C HO6 limit is 50 percent of Coverage C HO8 limit is 10 percent of coverage A No coverage is provided by a cancellation of a lease.

Coverage D Loss of Use

If a loss covered under Section 1 makes the residence premises unfit to live in Pays for 1.Additional living expenses 2.Fair Rental Value 3.Civil Authority (sheriff or fire department prohibits insured from using premises. Paid up to 2 weeks) Neighboring premises must be damaged not residence premises

Watercraft Liability Endorsements

If you have a boat.

How does the mobile home endorsement affect the other coverage of law or ordinance in a homeowners policy? It has no effect on the coverage It removes the coverage It broadens the coverage It limits the coverage

It removes the coverage

Aggregate

Limit of 100,000 last you for whole entire year or 2018, personal loss of 50,000= 50,000 remaining for remaining year. Like a budget for the year for claims that may be made.

Coverage C Personal Property

Limit of liability equals 50% of coverage A Personal property of an insured covered anywhere in world. May insure property of guest or residence employees but not of roomers or boarders. Coverage is 10% of Coverage A for personal property in self storage facilities or regularly located at an insureds residence that is not residence premises 10% limit does not apply within 30 days of the move or if being moved because residence being moved repaired or not fit to live in

Homeowners Property Endorsements (Mobile Home Insurance)

Mobile Home Insurance Mobile homes can be covered under HO2 or Ho3 Coverage A is defined to include mobile home Tenants or renters of a mobile home may insurer personal property under HO4

which of the following perils insured against contained in the HO3 special form?? Standard Perils Named Perils Excess Perils Open Perils

Open Perils

HO3 Homeowners policy provides>

Open peril coverage on the dwelling and broad form coverage on personal property

Homeowner Property Endorsements (Other structure)

Other structure on residence premises increase the coverage B limit of liability Charges a premium Structures must be on the residence premises

Ho2 Ho3 Ho5 Ho8

Owner occupied dwelling with no more than 4 residential units. Named insured must live in one of the units

HO6

Owner of a condo or cooperate unit. (6 hoes in a condo)

Coverage E personal Liability

Pays for claims and suits brought against insured Pays up to the limit of liability on the declarations Provides a defense at the insurers expense Insurer may investigate

Which of the following homeowners endorsements covers liability exposures arising from an incidental business conducted within a building on the residence premises?

Permitted incidental occupancies

Coverage A Dwelling

Policy covers dwelling on residence premises on declarations page Structures attached to dwelling Materials and supplies on our next to premises and used to construct or repair No dwelling coverage for Theft in or to a dwelling under construction Vandalism or malicious michieft after vacant 60 days Must be insured to at least 80% of its value

Limited Fungi, wet or dry rot, or bacteria endorsement HO policies applies to Property and Liability Losses Specified Losses Property Losses only Liability Losses only

Property and Liability Losses

HO2 Broad Form

Provides Coverages for Fire and lightning Windstorm and Hail Explosion Riot and civil Aircraft Vehicles Smoke Vandalism and malicious mischieft Theft Falling objects Weight of ice snow or sleet Accidental discharge of overflow of water or steam Sudden and accidental tearing apart Freezing

Limited Fungi Wet or Dry rot or bacteria coverage endorsement HOPE

Provides basic property limit option 10,000 on an annual aggregate basis for loss caused by this

HO3 Special Form

Provides coverage for all peril except what is excluded Collapse, unless additional coverage Freezing of house hold appliance Theft in or to a dwelling under construction Vandalism and malicious mischief if vacant for more then 60 days Mold fungus or wet rot Wear and tear Smoke from agriculture smudging Pollution pets

Home Business Coverage

Provides coverage for business at home No off premises liability

HO-2 (Broad form)

Provides protection for losses from named perils.

HO5 Comprehensive Form

Provides the broadest coverage for the homeowners form. Dwelling other structures and personal property insured for open perils. Considered best form.

Liability

Provides the same coverage that can be found in a seperate Personal Liability Policy Coverage is standard in all the homeowners forms

HO4

Rentals insurance. Provides no coverage for building and other structures only personal property

Coverage A and B

Replacement value

Which of the following endorsements is used to insure Coverage C (personal property) for values beyond the limitations of the homeowners policy

Scheduled personal property endorsement

Which policy condition in HO policies states that insurance applies separately to each insured?

Severability of Insurance

Coverage B other structures

Structures must be separated from the dwelling by clear space Provides a limit of liability equal to 10% of the Coverage A limit Structures cannot be used for business purposes

Losses that result from the freezing of a plumbing system while the dwelling is vacant would be excluded under a homeowners policy unless

The insured drained the plumbing system

HO2 HO3 Ho5 Ho8

There forms provide all 6 coverages Section 1 (Property Coverages) Coverage A Dwelling Coverage B Other structures Coverage C Personal Property Coverage D Loss of Us Sections 2 (Liability Coverages) Coverage E Loss of Liability Coverage F Medical payments to others

The Sc valued policy law is effective for which loss

Total loss by fire

Scheduled Personal Property HOPE

VPP(Valued personal property) Another name Wants to broaden / can insure guns on this coverage

What endorsement may be added to a homeowners policy to protect against property damage caused by the overflow of a sump pump Sump pump overflow Special limit of liability Scheduled personal property Water back up and sump discharge or overflow

Water back up and sump discharge or overflow

Water Back Up and Sump Discharge or Overflow HOPW

Water back up and sump discharge or overflow, provides up to 5000 for direct damage resulting from water that backs up through sewers or drains or overflows from sump pump. 250 deductible applies. Example if sump pump breaks it is covered with deductible.

Identity Theft Expense HOPE

Will pay up to 15,000 for expenses resulting from a instance. Carried 500 deductible. Insurer must be notified within 60 days of loss

Multi line policies contain all of the following advantages except?? fewer gaps in coverage premium savings requires issuance of one policy fewer insureds

fewer insureds