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Realestate > Chapter 14 > Flashcards

Chapter 14 Flashcards

Property Insurance

1
Q

Package Policy

A

Structural
Personal Propety
Liability

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2
Q

Common Types of Homeowners POlicies

A

HO-1 (basic - not recommended)
HO-2 (more than basic - not recommended)
HO-3 (all risk forms packaged - MOST popular)
HO-4 (renter’s policy - excludes structure)
Ho-6 (condo policy - “walls in” coverage)

HO-3 3, 4, 6 is most tested on

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3
Q

Flood Insurance

A

Not included in standard homeowners policy package (HO-3)

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4
Q

Flood Insurance

A
  • Administred by FEMA
  • Flood zones are recorded by Army of Engineers
  • Surveyor can determine if you are in a flood zone
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5
Q

Flood Certification

A

Required if in a flood zone

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6
Q

When Do You Need Flood Insurance?

A

When ANY part of the home or structure is within a flood zone, flood insurance is required

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7
Q

Unoccupied Property

A

Most policies become VOID if unoccupied

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8
Q

Early or Late Possession

A

Moving in early or sellers staying in past close

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9
Q

Polcies by Number
Know HO-3 is a package policy
KNow about when you need flood insurance

A
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10
Q
A
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Realestate (21 decks)

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