Three Homeowners Forms
- basic
- broad
- comprehensive
who can buy a homeowner’s form?
- single family dwellings occupied year round.
- dwellings containing more than one family.
- insured’s having more than one principal dwelling
- mobile homes situated on full basement
- dwellings in the course of construction to be occupied by insureds upon completion
Common characteristics of homeowners forms
- clear language approach
- common format or structure
- policy definitions uniform
- insure same exposures to loss
define “insured”
The person named as insured on the coverage page, and, while living in the same household:
- his/her spouse
- the relatives of either
- any person under 21 in their care (foster children, exchange students)
- student attending school who is dependent on the insured even if temporarily living away
Property Coverages
- dwelling building
- detached private structures
- personal property
- additional living expense
Liability Coverages
- Personal Liability
- Voluntary Medical Payments
- Voluntary payment for damage to property.
- Voluntary compensation for residence employees
What is included under the coverage “dwelling building?”
- dwelling and attached structures
- outdoor swimming pool and attached equipment on the premises
- materials/supplies on/next to the premises for construction of the dwelling/private structures
3 insuring agreements for personal property under coverage c
- on premises
- off premises
- property of students
Three property items that are not covered under personal property.
- motorized vehicles/equipment
- aircraft/equipment
- camper units/truck caps/trailers/equipment
Acronym for types of personal property items with special limits of insurance, regardless of loss
B-M-P-S-G-W-C-S
list of types of personal property items with special limits of insurance, regardless of loss (BMPSGWCS)
- business property
- securities
- property of students temporarily away
- money/bullion
- garden tractors/accessories
- watercraft
- computer software
- spare automobile parts
list types of property with special limits when they have been stolen
- jewellery/watches/gems/furs/fur garments/garments trimmed with fur
- numismatic property (coin collections)
- manuscripts/stamps/philatelic property
- collectible cards
- each bicycle/its equipment
what is included in the coverage “additional living expense”
- additional living expense
- fair rental value
- civil authority
3 conditions placed on the insured if policy includes Guaranteed Replacement Cost
- must insure dwelling to 100% of the evaluation
- insured must not have reduced amount of insurance lower than evaluation.
- insured notifies insurer within 90 days of any construction/addition/renovation made to dwelling
Replacement Cost
repair or replace lost or damaged property without deduction for depreciation
special limit of business property
2000
special limit of securities
2000
special limit of property of students temporarily living away
2500
special limit of money/bullion
200
special limit on garden tractors/equipment
5000
special limit on watercraft
1000
special limit on computer software
2500
special limit on spare automobile parts
1000
special limit on jewellery/watches/gems/furs
2000
