Home Coverage

Question 1

4 types of coverage

Answer 1

1. Home (dwelling)
2. Content
3. Other structures
4. Personal Liability

Question 2

Policy Dwelling

Answer 2

Value of rebuild - determined of on-sight appraisal

Chubb does guaranteed replacement if you’re insured the value

Question 3

Contents

Answer 3

50% of dwelling
Personal contents = your belongings
Types: Deluxe, Standard, Fire

Question 4

Deluxe Contents

Answer 4

All risk peril; also referred to as HO5 on steroids

Question 5

Standard Contents

Answer 5

Named peril; also referred to as HO3

Question 6

Fire Contents

Answer 6

Renting out someone, all they cover is fire (we don’t really do this)

Question 7

Other Structures

Answer 7

• Also referred to as permanent other structures.
• Anything man-made that’s not attached to home.
• 20% of dwelling

Question 8

Personal Liability

Answer 8

Referred to as Primary Liability.

• $50,000-10M
• To be paid out, must prove negligence (something you knew was a risk)
• We include legal representation.
• No ded

Question 9

Medical Payments to Others

Answer 9

NOT SEPARATE FROM CONTRACT

Included in liability

Question 10

Loss of Use

Answer 10

Also called ALE (Additional Living Expenses)-no limit
-You have covered claim, you can’t live in the home while it’s being repaired, Chubb puts you in hotel
Ex. Rent of the home/hotel
Ex. Additional food cost
-Must be added to contract

Question 11

Rebuilding to code

Answer 11

Also referred to as Law in Ordinance

• need permit from city
• old home has a loss, contractors must rebuild home to new state codes
• automatically included in dwelling coverage

Question 12

Cash Out Option

Answer 12

• dwelling and contents

- if you don’t want to rebuild home after total loss, we will give you the cash for coverage up to the policy limit

Question 13

ERC

Answer 13

Extended Replacement Cost

• to qualify, must insure 100% of our recommended value
• if your coverage doesn’t pay for full loss, this will cover rest

If loss is above the rebuild value

Question 14

Inflation

Answer 14

Each year there is inflation on dwelling to keep up with building cost
-effects rest of coverage because it’s all percentage based

Question 15

Base deductible

Answer 15

Any ded not subject to special peril

-theft

Question 16

Verified Replacement Cost

Answer 16

We set our dwelling value after appraisal, client doesn’t like value, you can lower it to 90%. We will only insure the 90%

Question 17

Conditional Replacement Cost

Answer 17

You get 80% coverage of the rebuild cost

-for renovated/rebuilt home (DURING THAT RENOVATION). When renovation is done, client goes back to verified

Question 18

Extra Living Expense

Answer 18

Covers gas expense or food expense if you are temp moved to a knew home after a loss

Question 19

Why Chubb?

Answer 19

Excellent claim coverage
Unlimited ALE
Extended replacement cost
Waive ded if claim is $50K or more

Question 20

Must have authorization:

Answer 20

• house that is not insured to at least 90% replacement cost
• coverage less than our minimum requirements or more than $3M
• seasonal, secondary residence - unless we I sure the owners primary
• vacant or unoccupied residence
• residence under major renovations

Question 21

Flood insurance

Answer 21

Excluded from house

WNC - preferred

Question 22

Deductible

Answer 22

Waived if:
Claim is $50K+

Not waived:
They have $100K ded
They have a special peril ded (Wind or hail, wildfire, earthquake)