Unit 6 Flashcards
coverage E
additional living expense
only applies if owner is living at dwelling
included with broad & special can be added to basic with endorsement
dwelling policy eligibility
- 1 to 4 unit dwelling with renters/cannot exceed 4 units
- vacation dwellings
- income properties
- dwelling under construction (endorsement)
- mobile homes, on permanent foundation (endorsement)
monoline policies
insure only property
coverage C
personal property at the described location and is usually on premises
- not animals, birds, fish, aircraft, motor vehicles, boats, accounts, bills or currency
- off premises covered up to 10% of coverage c
additional supplementary coverages
BAILED
automatically included at no additional cost
pay in addition to maximum policy limit
DP - 3
special form
open perils - dwelling and other structures
broad perils - personal property
exclusions - internal damage, collapse, theft, freezing of plumbing, wear & tear, foundations
other coverages
automatically included in DP - 1
debris removal, property removed (5 days peril), reasonable repairs, renters improvements (10% coverage c), fire department service charge ($500 no deductible), worldwide personal property
DP - 2/ DP -3
other coverages
all DP - 1 coverages
- trees, shrubs, and plants - max $500 each, total 5% of coverage a
- collapse caused by covered peril
- glass/ safety glass
- ordinance or law (10% of coverage A)
- removal 30 days (5 for DP- 1)
claim values
personal property- ACV
dwelling (DP-2 & DP -3) - replacement
coverage D
fair rental value in the event a covered loss makes the rental portion of a property unfit for normal use
coverage A
- dwelling and structures attached
- materials and supplies for use in construction or repair
dwelling
- unique from homeowners policy
- not required to be owner occupied
- covers risk like rental property, older homes, and hunting cabins
general exclusions in all dwelling policies
ordinance or law earthquake flood was nuclear intentional losses government seizures
loss valuations
conditions/ claim settlements
loss settlement - repair/ replace our option - repair/replace 30 days deductible pair or set loss payment- paid within 60 days other insurance - each pay their portion recovered property
personal liability supplements
coverage L
added by endorsement
personal liability at fault
bodily injury to others
on & off premises
personal liability supplements
coverage M
added by endorsement medical payments medical & bills of others no fault 3 year window on and off premises
DP - 1
basic form
fire, lightning, and internal explosion
explosion + WCSHAVVER (for additional premium)
V & MM if also explosion (for additional premium)
endorsements
- automatic increase in insurance - automatically increases dwelling and other structure overage at renewal
- dwelling under construction (building remodeling)
- mobile home on permanent foundation
special limits
- apply to certain classes of property
- limit is total of each category
coins, manuscripts, watercraft, trailers, jewelry, firearms, silverware
residential theft exclusions
animals, credit cards, property in the mail, aircraft, other insurance property, tenants property (not related to insured), business property, property in others custody, motor vehicles (unless disabled)
residential theft coverage
- not automatically included in dwelling policy
- can be added by endorsement
- on and off premises
- broad, owner occupied
- limited not owner occupied
coverage B
detached structures - buildings on the premises that are separated from the dwelling by a clear space or connected only by a fence, utility line etc. (10% of coverage A)
DP - 2
broad form
all DP - 1 available perils plus BIG AFFECT
exclusions- weight of ice, snow, or falling objects on awnings, fences, patios, swimming pools, docks & retaining walls, accidental discharge of water, flood burglary if property vacant more than 60 days
