Homeowners

Question 1

Who automatically qualifies to be included in a homeowners policy?

Answer 1

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.

Question 2

What are some of the items that will never received a replacement coverage in a homeowners policy?

Answer 2

1) awnings
2) carpeting
3) appliances
4) outdoor antennas
5) outdoor equipment

Question 3

If John has $100,000 coverage a N and H03 how much will apply to his contents?

Answer 3

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.

Question 4

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?

Answer 4

DP dwelling program

Question 5

A boat in the garage falls off the rack and injures the insured.

Answer 5

???

Question 6

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?

Answer 6

$1000 for property and $1000 for liability

Question 7

What kind of a policy is homeowners?

Answer 7

A package policy

Question 8

Which are the three groups normally allowed to purchase homeowners?

Answer 8

1) owner occupant of 1 to 4 dwellings
2) renters
3) Condo owner co-op apartment occupant

Question 9

Name the people who automatically qualify as insureds in a homeowners policy.

Answer 9

The named, residing spouse, residing relatives of either, any person under age 21 in care of such persons

Question 10

Can a renter of a mobile home or trailer by a homeowners policy?

Answer 10

Yes under HO4

Question 11

What is the mandatory endorsement on a homeowners policy?

Answer 11

Catastrophic sinkhole collapse

Question 12

Identify each of the HO forms 2,3,4,5,6, and 8. Who are they for?

Answer 12

HO2 - broad form
H03-special form
HO4-renters
H05-comprehensive 
H06-condo coop
H08-modified coverage form

Question 13

Which forms apply to single-family dwellings?

Answer 13

H02, H03, H08 and H05 which is never used in Florida

Question 14

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?

Answer 14

Since coverage C applies the contents and coverage C is 50% of coverage A.$75,000 is for the contents.

Question 15

What are some of the items that will never receive replacement coverage?

Answer 15

Awnings, carpeting, appliances, outdoor antennas, outdoor equipment

Question 16

A house is valued at $90,000, what is the minimum amount of coverage they must have in place to receive replacement coverage?

Answer 16

Either 80% coinsurance or $7200

Question 17

When might you use in H08 form?

Answer 17

When the selling price is lower then the fixing price

Question 18

What is the standard deductible in a homeowners? How do you have to include the hurricane deductible? Is it per incident or annual?

Answer 18

Off

Question 19

In what form does coverage B not appear?

Answer 19

Coverage B is other structures it does not appear in HO4 or in H06

Question 20

Coverage D is called what in homeowners and what in dwelling coverage?

Answer 20

HO loss of use and DP fair rental value.

Question 21

And homeowners coverage B, which is other structure is normally what percentage of coverage A? can it be increased or decreased?

Answer 21

Coverage B is 10% of coverage A and no it cannot be decreased!

Question 22

How much coverage is afforded to cash in the homeowners policy?

Answer 22

$200

Question 23

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?

Answer 23

???