Ch6: Homeowners Flashcards
Define “Personal Property Insurance”
homeowners forms
Define “Persons Inured”
named insured and any dependants
What is the Named Insured?
The person(s) named on the policy
Define a “Dwelling”
private residence
Define the Premisis
the address noted on the policy
Define the 4 Property Coverages
i. COVERAGE A – Dwelling Building
ii. COVERAGE B - Detached Private Structures
iii. COVERAGE C – Personal Property
iv. COVERAGE D – Additional Living Expenses
Define the 4 Liability Coverages
i. COVERAGE E – Personal Liability
ii. COVERAGE F – Voluntary Medical Payments
iii. COVERAGE G – Voluntary Payment for Property Damage
iv. COVERAGE H – Voluntary Compensation for Residence Employees
What are the four extensions of coverage included in all homeowners forms
- Moving to Another Home in Canada: covers new place & property while in transit for 30 days
- Debris Removal: + 5 of Coverage A if the original limit is not enough
- Property Removal: expands the removal clause to 30 days.
- Credit/Debit Card, Forgery and Counterfeit CAD/USD (under $1000)
Define “Inflation Protection”
limits automatically adjusted by inflation or mid-term losses
Define “Tear Out”
will repair your walls when torn out to fix an appliance, pipe, etc.
Define “Change in Temperature”
covers indirect damage to personal property inside dwelling if damaged by an insured peril
Define “Freezer Food” protection
spoilage due to power failure or mechanical breakdown up to $2,000
Define “Lock Replacement”
re-key or replacement of stolen keys - reported to police
Define “Fire Department Charges”
fire department in another city bills you less than $1,000
Describe the “Arson Conviction Reward”
less than $1,000 for information leading to conviction
Define “Basis of Claim Payment”
building + property - deductible
Define “Dwelling and Private structures”
replacement cost or actual cash value if not repaired
Describe “Guaranteed replacement cost coverage”
covers the full cost to repair even if its under the limit
Replacing Personal Property
Replacement cost on most personal property
What do you receive actual cash value for
- Fine Art, Antiques and Memorabilia
- Property not well maintained
- Property no longer used for original purpose
- Property not replaced within 180 days
You receive electric media for
only cost to recovery from duplicates/backups
You receive records/books of account for
blanks + cost to recopy/transcribe
Describe “Coverage A”
- Dwelling + Attached Structures
- Permanently Attached Outdoor Equipment’
- Materials and Supplies Nearby
- Outdoor Swimming Pool + Attached Equipment
- Building Features Temporarily Removed
- Outdoor Plants
Describe “Coverage B”
10% of the limit of Coverage A
Describe “Coverage C”
property of others while on premises
excludes: roomers/boarders
Define personal Property
stuff owned or used by the insureds for building maintenance
Define on premises coverage
global coverage if temporarily off premises
Property of Students
is covered if living away from home for school
Define Equipment
cd player, radio, powered by vehicle
There is special limits of insurance for
theft and all perils
Coverage on property damaged by insured perils…
restricted payments
- business property $2,000MAX
- students property $2,500MAX
- Garden Tractors and Accessories $5,000 MAX
- watercraft and accessories $1,000MAX
- money or bullion $200MAX
- securities $2,000MAX
- Computer Software $2,500MAX
- spare car parts $500MAX
Coverage for property stolen or lost
- jewelry, watches, furs $2,000MAX
- Card collections $1,000 MAX
- Manuscripts and Stamps
- Bicycles & Equipment $500MAX
- coins/coin collections $200MAX
Name the replacement values of dwelling buildings
Dwelling Building: Replacement Value
Detached Private Structures: +10% of Covg. A
Personal Property: +70-90% of Covg. A
Additional Living Expenses: +20% of Covg. A
Personal Liability: $1M
Voluntary Medical Payments: $1000 per person
Voluntary Property Damage Payments: $500 per occurrence
Voluntary Compensation for Residential Employee’s: as per schedule
Define a single limit policy
limits from coverage A-D combined into 1
List all the available endorsements
- Watercraft
- Antiques / Art
- Coin and Stamp Collections
- Jewelry / Furs
- Personal Computer
- Cameras
- Musical Instruments, Silverware, Antenna, etc.
List the 5 types of habitational forms
Condo Insurance
Tenants Insurance
Rented Dwelling Insurance
Mobile Home
Seasonal Dwellings
What are the two types of Condo policies?
Basic & Comprehensive
Define a Condo
units owned separately but together forming a strata / condo corp.
Define the common elements
landscaping, parking, hallways, amenities, etc.
Describe the unit owners policy
covers personal property, additional living expenses, and loss assessment
Describe unit additional protection
covers value of unit when strata’s insurance isn’t enough.
Describe unit improvements (upgrades)
structures and materials / supplies used
Define the basis of settlement
same as homeowners form
Define the tenant package forms
Property + additional living expenses
what are the mobile home insurance coverages
- Coverage A - Mobile home building
- Coverage C - Personal Property
Emergency Removal expenses…
are up to 5% of dwelling amount of insurance (disconnecting power/water)
NO coverage in transit
Define “moving” (mobile home)
levelling jacks or utilities disconnected
