Homeowners Flashcards
Who automatically qualifies to be included in a homeowners policy?
1) owner occupant of 1 to 4 family dwellings.
2) renters who maintain residential occupancy in any type of building.
3) Condo unit owners and co-op apartment occupants.
What are some of the items that will never received a replacement coverage in a homeowners policy?
1) awnings
2) carpeting
3) appliances
4) outdoor antennas
5) outdoor equipment
If John has $100,000 coverage a N and H03 how much will apply to his contents?
In the H03 coverage C which is personal property is automatically 50% of coverage A so the amount that is applied to his contents is a $50,000.
The estate of Paul wants to put coverage on the house while the probate works its way through the courts what coverage can it use?
DP dwelling program
A boat in the garage falls off the rack and injures the insured.
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In 2007 Jim’s house suffered through a hurricane a flood and a large liability claim. In each case, he was assessed a special amount of $2000 for each case. How much was returned to him by his policy?
$1000 for property and $1000 for liability
What kind of a policy is homeowners?
A package policy
Which are the three groups normally allowed to purchase homeowners?
1) owner occupant of 1 to 4 dwellings
2) renters
3) Condo owner co-op apartment occupant
Name the people who automatically qualify as insureds in a homeowners policy.
The named, residing spouse, residing relatives of either, any person under age 21 in care of such persons
Can a renter of a mobile home or trailer by a homeowners policy?
Yes under HO4
What is the mandatory endorsement on a homeowners policy?
Catastrophic sinkhole collapse
Identify each of the HO forms 2,3,4,5,6, and 8. Who are they for?
HO2 - broad form H03-special form HO4-renters H05-comprehensive H06-condo coop H08-modified coverage form
Which forms apply to single-family dwellings?
H02, H03, H08 and H05 which is never used in Florida
If an H03 is in force and there is $150,000 coverage A, how much will apply to the contents and what coverage is that?
Since coverage C applies the contents and coverage C is 50% of coverage A.$75,000 is for the contents.
What are some of the items that will never receive replacement coverage?
Awnings, carpeting, appliances, outdoor antennas, outdoor equipment
A house is valued at $90,000, what is the minimum amount of coverage they must have in place to receive replacement coverage?
Either 80% coinsurance or $7200
When might you use in H08 form?
When the selling price is lower then the fixing price
What is the standard deductible in a homeowners? How do you have to include the hurricane deductible? Is it per incident or annual?
Off
In what form does coverage B not appear?
Coverage B is other structures it does not appear in HO4 or in H06
Coverage D is called what in homeowners and what in dwelling coverage?
HO loss of use and DP fair rental value.
And homeowners coverage B, which is other structure is normally what percentage of coverage A? can it be increased or decreased?
Coverage B is 10% of coverage A and no it cannot be decreased!
How much coverage is afforded to cash in the homeowners policy?
$200
You have jewelry and firearms in the house valued at $7000 each. In scenario one you have a fire and both are destroyed, how much is paid? Scenario two, you have a theft occur in your house and all items are gone, how much is paid?
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