Chapter 5 Flashcards
Texas Homeowners Policy
Most homeowners and tenants use to protect their property
Package Policy
Coverages for both property and liability
Homeowner Policy Forms
Home: HO-8 (Basic), HO-2 (Basics+AFEW), HO-3 (Hybrid), HO-5 (All risk)
Tenants/Renters and Condominium Forms
HO-4 (Tenants), HO-6 (Condominium)
Insured definition:
Individuals and those named on the declarations page
Relatives
Any resident under 21 and/or in the insured’s care
A student under 24 enrolled in full-time classes
Anyone caring for an insured’s animal
Anyone using an insured’s watercraft, with their permission
Anyone ;operating a motor vehicle covered by the policy
Premises (6)
Resident premises
Other premises used in conjunction with the residence
Cemetery plots
Temporary residence
Vacant land other than farmland
Rented premises
Texas Homeowner Coverages
Coverage A - Dwelling (direct loss)
Coverage B - Detached Structures (10% of Coverage A)
Coverage C - Contents (50% of coverage A)
Coverage D - Loss of use (Indirect loss (Maximum 20% of coverage A)
Homeowners Additional Coverages (12)
Debris Removal
Reasonable repairs
Property removal
Trees
Fire Department Service Charge ($500)
Credit card, electronic fund transfer card or access device, forgery and counterfeit money ($500)
Loss Assessment ($1,000)
Glass or Safety Glazing Materials
Landlord’s Furnishings ($2,500)
Ordinance or Law coverage (10% of coverage A)
Collapse
Grave Markers ($5,000)
Homeowner Liability Coverages
Coverage E - Personal Liability (BI and PD)
Coverage F - Medical Payments to Others
Exclusions to Liability Coverages
Business Purusits
Aircraft
Motor Vehicles
Bodily Injuries to any resident family member
Communicable diseases
Physical or metal abuse
Controlled substances
Personal Injuries - Reputations
Small Boats Liability requirements
jet skis with 50HP or less
Outboards 25HP or less
Sailboats 26 feet or less in length
Rented boats of any size
