Home Owners policy coverages Flashcards
All perils covered in basic form
Fire and lightning
Windstorm and Hail
Explosions
Smoke
Theft and damage caused by theft
Impact by Vehicle
Vandalism
Falling Object
Riot
Electricity
Water Damage
Glass Breakage
Transportation - personal property + fixtures being transported or temporarily off-premises
How does windstorms/hail cover interior?
It only covers the interior when the exterior is damaged enough allowing the hail/windstorm inside to cause damage there as well. Example a hole was created or the glass broke
What is excluded in Vandalism coverage?
It’s excluded if the damage is caused during vacancy, construction work or during theft.
What is excluded in basic form?
Buildings for business use
illegal property
application of heat (ex. clothes damaged by dryer)
property on display (high risk)
an intentional act
released fuel oil
dwelling vacant for 30+ days
What is broad form?
it covers your property from named perils in basic form, but also the building is covered by all damages in comprehensive form
What is compressive form?
It not only covers just building but also property in full except exclusions
What is excluded in comprehensive form?
Water damage
Snowfall/land slide or really any earthly movements such as earth quake, but since fire is covered, if a fire is caused BY this then that damage is covered
Sporting equipment that was in use
Property being worked on for work
Damage caused by birds or vermin
Settling or expansion of building
wear and tear
What are the coverages provided?
Coverage A - Dwelling
Coverage B - Detached 10% of A’s limit
Coverage C - Property coverage 70-90% of A’s Limit
Coverage D - Additional Living Expenses 20% of A’s limit
Coverage E - Personal liability 1mm
Coverage F - Voluntary Medical Payments $1000/person
Coverage G - Voluntary property damage payment $500
Coverage H - Voluntary Compensation for Residential Employees
