Homeowners Section 1

Question 1

Coverage A

Answer 1

Dwelling building

Includes: dwelling and attached structures
- permanently installed outdoor equipment
- swimming pools and equipment
- building supplies on premises for construction or repair no theft

PLUS
- building fixtures/fittings offsite for repair or seasonal storage (up to 10% coverage A)
- outdoor trees and plants ($500/item up to 5% of coverage A)
- fire , explosion, riot, vandalism, veh impact no wind & hail

Question 2

Coverage B

Answer 2

Detached private structures

• private use only
  -can be attached by fence or utility line

Question 3

Coverage C

Answer 3

Personal property

1) on premises - contents usual to personal residence

2) off premises - temporarily anywhere in the world
-contents in a warehouse

3) property of a student

Question 4

Coverage D

Answer 4

Additional living expenses

Additional expenses due to insured damage to insured property to maintain some standards of living

Question 5

Fair rental value

Answer 5

Loss of income due to insured damage to insured property, as you can no longer rent the place

• expenses that continue (finding new tenants)

Question 6

Percentage of rebuilding cost covered in coverage A

Answer 6

100%

Question 7

Percentage covered in Coverage B

Answer 7

10% of the dwelling value (coverage A)

Question 8

Percentage of coverage C reimbursed to insured

Answer 8

70-90% of coverage A (value of the dwelling)

Question 9

Reimbursement percentage of Coverage D

Answer 9

20% of coverage A (20% of the value of the dwelling)

Question 10

GRC

Answer 10

Guaranteed Replacement Cost

Your home will be rebuilt to the same standard of construction, with materials of the like kind and quality, regardless of the value declare on your policy, subject to insurers terms and conditions

Question 11

Two purposes of specified perils

Answer 11

1) to limit what would otherwise be all-risks coverage on certain perils or types of property to those explicitly noted in the policy (water damage)

2) to provide full coverage for certain types of property, where they are otherwise subject to special limit of coverage, with these kinds of property explicitly listed in the policy

Question 12

Property excluded under comprehensive homeowners policy

Answer 12

• buildings for business/ farming
• property in exhibit
• property illegally acquired
• evidence of debt or title
• sporting equipment
• animals, birds, fish
• property lawfully seized
• outdoor radio and tv antennae