RIBO - Habitational Insurance Flashcards
If you go away on vacation and there is a loss caused by freezing pipes in your basement, are you covered?
Only if a competent person enters the dwelling each day or water supply has been shut off and all pipes actually drained
If a civil authority prohibits access to your premises due to damages to neighbouring premises are you covered?
Yes, for 14 days
What is the maximum amount the Comphensive Homeowner Policy will pay for the fire damage to a tree?
$500 per tree
Until what age is a student living away from home considered an insured under their parents policy?
No Limit
Are you required to pay a deductible on items where a special limit applies?
Yes, off of the total loss
If your friend moves in to share the cost of your apartment, is their contents covered under your policy?
No
How much is unscheduled watercraft covered for in the event it burns a boathouse fire?
$1,000
How much are bicycles covered for if they are burned in a fire?
Their full value
If there is more than one policy covering a house, how would a loss be settled
Each contributes its relatable proportion
If the Condo corporations insurance policy is invalid or inadequate, how much will the condo unit owner policy pay for damage to common areas that you get assessed for?
$10,000
Is there coverage for contents while moving? If so, how long and what locations?
Yes, 30 days while in transit to and at another location within Canada to be occupied by you as your principal residence
What three perils drop off as soon as a building is vacant?
Water damage, vandalism, and glass breakage
When does all coverage drop off on a vacant dwelling?
After 30 days
What coverage of the Homeowner Policy Covers in-ground swimming pools
Coverage A
To repair an old air conditioner, walls have to be torn out. Would this be covered by Homeowner Policy?
No, has to result from an insured peril
If an insured chooses not to rebuild on the same location, what would be the Basis of Claim Payment?
Actual Cash Value
When do the special limits for items 1-8 apply?
Always
There are certain Special Limits of Insurance that do not apply in the event of a loss caused by a Specified Peril. What items fall under this category?
Items 9-14
If you go to a fair and display your knitted mittens that you hope to see there are you covered?
No, see exclusion 2
In what instances must the authorities be notified before a property claim can be submitted to an insurer?
Malicious acts, burglary, robbery, and theft or attempted theft
Where are building materials slated for renovations covered?
On or adjacent to the premises
How much are Tenant’s improvements and betterments insured for?
No Limit
What is the max amount payable under the Credit or Debits Cards Extensions?
$2,000 aggregate
If you get charged by the Fire Department for services provided to save or protect your insured property is there any reimbursement for your policy?
Yes, up to $1,000
