Homeowners Property Coverages Flashcards
What does coverage A provide coverage for?
Physical damage to the dwelling for a covered cause of loss
What does coverage B provide coverage for?
Other Structures not connected to the dwelling but on the residence property
What does coverage C provide coverage for?
Personal Property owned or used by an insured anywhere in the world
How much coverage is provided to personal property in a storage unit?
10% of coverage C with a maximum of $1,500
What types of personal property has a sub limit for coverage?
Money - $300
Securities/personal records - $2,000
Watercraft - $2,000
Trailers - $2,000
Property primarily used for business (on premises) - $3,000
Property primarily used for business (off premises) - $1,500
Portable electronic equipment - $2,000
Antennas - $300
Drones - $2,000
THEFT ONLY:
Jewelry - $2,000
Firearms - $3,000
Silverware - $3,000
What endorsement can be added to provide higher limits to specific property?
Scheduled Personal Property Coverage
What does coverage D provide coverage for? (3 Parts)
- Additional living expense
- Fair Rental Value
- Civil Authority Prohibits Use
What are the additional coverages included in a Homeowners policy?
Debris Removal - Included in coverage A, can get 5% additional if needed ($1,500 per tree, $3,000 cap)
Reasonable Repairs - Included in coverage A
Trees (named perils, not wind) - 5% of Coverage A
Property removed - all risk coverage for 30 days
Loss Assessment - Up to $2,000, condo insurance only
Collapse - named perils only (unknown decay or animals, weight of contents or rain/snow, defective material in renovation)
Ordinance or Law - 10% of coverage A (can be increased via endorsement)
What perils are covered on a dwelling for an HO-3 or HO-5?
All perils not specifically excluded
What perils are excluded (before givebacks) on an open peril dwelling policy?
Collapse
Freezing
Theft
Vandalism
Mold/Fungus
Normal Wear and Tear
What type of collapse is given back?
Abrupt falling down or caving in
When is freezing covered on a dwelling?
When the building heat is maintained OR the water supply is shut off and drained from the system
When is vandalism covered on a dwelling?
If it’s not vacant over the last 60 days and not a home sharing activity
When is mold or fungus covered on a dwelling?
When it is hidden within the walls or ceilings, and it results from either an accidental discharge of water or steam on premises, or from utility pipes off premises.
What are the perils covered by an HO-3 for coverage C?
Fire or lightning
Windstorm or hail (if inside)
Explosion
Riot
Aircraft
Vehicles (if covered)
Smoke
Vandalism (Airbnb excluded)
Theft (not by an insured, three subject to sub limits)
Falling Objects (if puncturing outside wall first)
Weight of ice or snow
Accidental discharge of water
Sudden breaking apart
Freezing (if heated or emptied)
Sudden damage from electrical current
Volcanic Eruption
What are the main exclusions on a Homeowners policy?
Ordinance or Law (given back)
Earth Movement (can be endorsed back on)
Water (can be endorsed back on)
Power failure (if from off premises)
Neglect
War
Nuclear Hazard
Intentional Loss
Governmental Action
Weather Conditions
Poor craftsmanship
What are the duties of an insured after a loss?
PINES
Protect
Inventory
Notify
Exhibit
Submit
What is the Homeowners Insurance-to-value requirement?
States that the Coverage A limit must be at least 80% of the full replacement cost at the time of loss.
