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Dwelling Policies
offer basic (DP-1), broad (DP-2), and special (DP-3) levels of covered perils. DP-4 offers no building coverage (basic). sold to landlords.
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homeowners
had to own it and live in it. provides personal liability coverage and they afford theft protection for personal property. is a multi-line policy...both property and casuality
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Coverage A - Dwelling
insures the dwelling and all permanent attachments to the dwelling. Replacement Costs.
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Coverage B - Other Structures
protects other structures on the insured's premises...detached garages, sheds, etc. Replacement Cost.
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Coverage C - Personal Property
covers personal property... furniture, clothing, toys, electronics and other household goods. ACV. Limit is 10% of Coverage A.
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Coverage D - Fair Rental Value
indirect or consequential loss coverage designed to protect the landlord's cash flow in the event that his rental unit is rendered uninhabitable by a covered peril. Limit is 20% of Coverage A.
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Coverage E - Additional Living Expenses
only available to policyowners who inhabit the dwelling
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Homeowners Policies
has 2 sections: section 1 is property (2 party) [Coverage A - Dwelling {RC-100%}, Coverage B - Other Structures {RC-10%}, Coverage C - Personal Property {ACV-50%}, & Coverage D - Loss of Use - 30%] and section 2 is casualty (3rd party) [Coverage E - Personal Liability & Coverage F - Medical Payments to Others]
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Homeowners Basic Form Perils (FLEWRVVVS and THEFT)
- Fire
- Lightning
- Explosion
- Wind and Hail
- Riot and Civil Commotion
- Vandalism
- Volcanic Action
- Vehicles and Aircraft
- Smoke
- and Theft
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Homeowners Broad Form Perils
- The Basic Perils plus...
- Plumbing
- Falling Objects
- Weight of Snow, Ice, or Sleet
- Plus the Additional Coverage of Collapse
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Homeowners Special Form Perils
All Risk
8-2-3-5-4-6-HIKE
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HO-8-Older Homes
- Basic Perils on A&B and Basic on C
- 100% on A, 10% on B, 50% on C, 10% on D
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HO-2-Dwelling
- Broad Perils on A&B and Broad on C
- 100% on A, 10% on B, 50% on C, 30% on D
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HO-3
- Special Perils on A&B and Broad on C
- 100% on A, 10% on B, 50% on C, 30% on D
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HO-5
- Special Perils on A&B and Special on C
- 100% on A, 10% on B, 50% on C, 30% on D
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HO-4-Renters
- None on A&B and Broad on C
- 50% on C, 30% on D
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HO-6-Condo
- Broad on A&B but limited and Broad on C
- 100% on A, 10% on B, 50% on C, 50% on D
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Declarations Page
name, address, peril power, endorsements, deductible and liability limits
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Insuring Clause
says that the company agrees to provide all the benefits described in the policy subject to the limitations and exclusions noted
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Conditions
has the exclusions in it
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Additional Coverages
- Debris Removal
- Reasonable Repairs
- Trees, Scrubs, and Plants
- Fire Department Service Charge
- Removal
- Forgery, counterfeit money & credit cards
- Loss assessment
- Glass
- Ordinance or law
- Landlord furnishings
- Building improvements and betterments
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Exclusions found in basic, broad, and special forms
- war
- nuclear
- flood
- earth movement
- neglect
- intentional losses
- government action
- off premises power failure
- concurrent causation
- sewer back up and sump pump failure
- building ordinance - except as provided by additional coverage
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Exclusions found only in the special cause of loss form
- damage caused by your own animals
- birds, vermin, rodents, or insects
- pollution
- wear and tear
- hidden mold or dry rot
- settling of patios, foundations, floors or walls
- vandalism after 60 consecutive days of vacancy
- theft to a house under construction
- freezing or ice damage to pavement, patio, fence, or foundation
- freezing of plumbing if heat is not maintained in the building
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Conditons
- Death of Named Insured
- Volcano Eruption Period
- Pair and Set
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Deductible
the standard deductible is $250 for section 1 and for the HO-8 its $100
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Section 2 - Liability
pays for the other guys and addressing negligence
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Coverage E - Personal Liability (BI & PD)
bodily injury, property damage. on and off premises. negligence is required
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Coverage F - Medical Payments to Others
negligence is not an issue, $1000 per injured person and up to 3 years from the date of the accident. way to avoid lawsuits
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Mobilehome Endorsment
can be added to HO-2 or HO-3
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Other Endorsement
- Permitted Incidental Occupancies
- Business Pursuits
- Home Day Care
- Personal Injury
- Watercraft
- Earthquake
- Replacement Cost
- Scheduled Personal Property
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