Homeowners Basic Policy Flashcards
what are the first 7 perils listed on a homeowners’ basic policy?
1) fire or lightning
2) explosion
3) smoke
4) falling object
5) impact by aircraft or land vehicle
6) riot
7) vandalism and malicious acts
what is the exclusion under explosion?
water hammer
what is meant by ‘smoke’?
smoke due to a sudden, unusual and faulty operation of any heating or cooking unit in or on the premises, but NOT smoke from fireplaces.
under the falling object peril, what must occur?
the object must strike the exterior first
what is excluded under ‘impact by aircraft or land vehicle’ peril?
-impact by any vehicle owned or operated by yourself or an employee
-animals
what is excluded under ‘ vandalism or malicious acts” peril?
-if occurring while building is under construction or vacant
-if caused by you
-if caused by theft or attempted theft
why isnt vandalism covered if caused by theft or attempted theft?
it would all fall under the theft peril anyway
what is the difference between vacant and unoccupied>
vacant means regardless of presence of furnishings, all occupants have moved out with no intent of returning and no new occupant has taken up residency.
unoccupied means the insured will be coming back
what is peril 8?
water damage
what is covered under the water damage peril?
-the sudden and accidental escape of water from a watermain
-the sudden and accidental escape of water or steam from within a plumbing, heating, sprinkler or air conditioning system or domestic water container located IN your dwelling, or
- the sudden and accidental escape of water from a domestic water container located outside your dwelling (except when the escape of water caused by freezing)
-water that enters dwelling through an opening caused suddenly and accidentally by another insured peril
what is not covered under the water damage peril?
-damage caused by freezing during heating season:
i) within a heated portion of your dwelling if you have been away from your premises for more than 4 consecutive days, UNLESS:
a) you arranged to have some competent person come enter your dwelling every day youre gone or
b) you had shut off water supply and drained all the pipes and domestic water containers
ii) within an unheated portion of your dwelling:
- seepage/leakage
-sewer/sump/septic backup
-ground water
-surface water
-watermain
-domestic container itself
-COC
-vacant
what is meant by ‘heating season’?
time of year during which you would require heat to your home
why would the insurance company cover water damage caused by watermain break even if the watermain is owned by the city?
because the damage would require immediate attention and the city would be slow to respond, so then the insurance company would cover and send the bill to the city later (subrogation)
what are perils 9 through 13?
9) windstorm or hail
10) glass breakage
11) transportation
12) theft and attempted theft
13) electricity
what must happen to get windstorm or hail coverage?
opening must be caused by the storm FIRST
