Personal Property Insurance-Habitational Forms Flashcards
What are 5 common characteristics for ALL homeowner forms?
- Clear language
- Format (section 1 = Property Damage section 2 = Liability Coverage)
- Definitions
- Extensions
- Claims
What 3 types of Homeowners Forms are there?
- Basic
- Broad Form
- Comprehensive
What is the definition of Persons Insured in Habitational forms?
Named Insured plus “dependents”
Who is covered as a “dependent” in Home/Property Insurance?
As long as they live in the same household Dependents are:
1. Husband and wife or common law spouse living together for 3yrs or 1 yr if they have a child together
2. Relatives
3. Any other person under the age of 21 in insureds care (excluding tenants)
What is the definition of a “dwelling”
a dwelling is a private residence described on the policy that is whole or partly occupied
What is “premises”
premises is the address noted on the policy
What losses are insured on homeowner forms?
Section 1: Property Damage Coverage
Section 2: Liability Coverage
What two types of property are insured under Property Insurance Policies
- Person Property: private non business use property
2.Commercial Property: commercial use property at the named location
what are 4 things that are included under losses insured for Property insurance?
- Coverage A-Dwelling building
- Coverage B-Detached private structures
- Coverage C-Personal Property
- Coverage D-Additional Living Expenses
what is considered included under coverage B- detached private structure in property insurance?
Separated from main building (including fences, power lines, etc + 10% of Coverage A
what does coverage A Dwelling Buildings cover?
- Dwelling + attached structures ie Main house + garages, porches attached.
- Permanently attached outdoor equipment ie swings, tree house, sprinklers
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