Flashcards in Assignment 3 Deck (72)
Dwelling Program and Homeowner's insurance applies to what 4 types of buildings?
1. No more than 4 apartments or family units in dwelling
2. Mobile homes with no more than one apartment
3. Household personal property in any apartment
4. Cooperative or condo used as living quarters or rented to others
What makes the main determination of whether Dwelling Program or Homeowner's insurance is needed?
if the building in question is the insd's primary residence
What are the differences between HO and Dwelling insurance? (4)
1. Homeowners: covers losses to owner-occupied dwelling structure, and other structures on the land, personal property, and lx to 3p who come onto premises
Dwelling: do not require that the insd property be 'owner-occupied'
Dwelling policy (def):
covers investment properties that are rented out. Coverage for dwelling itself and liability.
Homeowners policy (def): (4)
coverage for private residential purpose of owner occupied prop of:
® 1-4 family dwellings
® Renters who occupy that type of prop
® Condo unit owners
What types of identify are excluded from HO policies? (4)
4. individual if they don't occupy the residence
Insured under policy can be (5)
2. Residing spouse
3. Residing relatives of either of above
4. Any person under age of 21 under care of any such person
5. Student away at school if:
- Related to NI
- Under age 24
- Enrolled FT student
What are the 3 main HO forms currently used?
1. HO -3 - special form
2. HO-4 - contents broad form (renters personal property)
What is HO-3?
special form - provides "all risk" coverage for AB and named peril C (more info under Homeowner's Policy Perils section
What is HO -4 (3)
1. contents broad form (renters personal property)
2. Cov A doesn't appear in this form as structure never covered under this form
3. Named perils coverage: (more info under Homeowner's Policy Perils section
What are the 3 coverage forms for the Dwelling Program?
1. DP-1: Dwelling prop basic form
2. DP-2: Dwelling prop broad form
3. DP-3: Dwelling prop special form
What is the primary difference between the 3 dwelling program forms?
relates to coverage perils
What are the 8 exclusions for Cov C/PPUN?
1. Specifically insd (scheduled) articles
2. Animals, birds, fish
3. Motorized veh except those used to service insd residence or designed to assist handicapped
4. Tape decks/similar equip designed to be operated solely by electrical system of motor veh while that equip is in the veh
5. Property of renters or other tenants, unless they are related to the isnd
6. Property in an apartment that is regularly rented or available for rental to others
7. Business data including electronics software media (except cost of blank records or media)
8. Specifically insd articles (scheduled)
What are the exceptions under Cov E/LX (2)?
Auto or boating accidents (these would fall under stand alone or umbrella policies)
How does the limit of Cov B relate to Cov A in HO policies?
B is automatically 10% of A
How does the limit of Cov C relate to Cov A in HO policies?
C normally 50% of A
What is generally the limit for property of the insd that is not at the primary residence?
10% of Cov C, but not less than $1000
What is the special limit in HO polices for:
loss of money
stored value cards
What is the special limit in HO policies per occurrence for:
trailers accessories and equipment
trailers not used w/watercraft
theft of Jewelry, watches, furs, precious/semi precious stones, electronics
What is the special limit under HO policies per occurrence for:
business property on res premises
theft of silverware, gold-ware, firearms/related equip
What is the standard ded for HO policies?
How much is the hurricane ded under HO policy?
1. can be 2,5 or 10% or higher of Cov A
Is a hurricane ded per occurrence or per year?
per year (1x a year)
When can a hurricane ded be changed?
only at renewal
How are perils addressed on a HO-3 policy (name peril or all risk?)
all risk coverage for A, B, named for C
How are perils addressed on a HO-4 and HO-6 policy (named peril or all risk)
What are the nature based perils for a HO policy? (8)
6. weight of ice/snow/sleet
7. freezing of plumbing, heating, AC, sprinkers, appliance
8. volcanic eruption
What are the "man-made" based perils for HO policy? (9)
2. riot or civil commotion
5. vandalism or malicious mischief
7. falling objects
8. accidental discharge or overflow or water or steam from heating, AC, sprinker. household app
9. sudden/accidental discharge of elec current
How are sinkholes covered in HO policy?
by endorsement offered to every FL resident
(peril of catastrophic ground over collapse)