Question

Amy just received her new homeowners insurance policy in the mail. When she looks at the first section/page, what can she expect to see there? Please briefly describe the key items that would appear on such section/page.

Answer 1

Homeowners insurance policy is generally based on the H0-3 policy.

The first section of a homeowners insurance policy includes :

1) Declarations

2) Insuring agreement

3) Definitions

1) Declarations : This is the section where it is specifically mentioned the one who is being insured and is also contains the property and the deductibles locations.

The one who are insured in this policy are, first the one who is the owner of the policy and his/her spouse, anyone living in the house below 21 years, relatives living in the house, any relative living as a student and below 24 years of age or may be under 21 if he or she is under the particular person who is being insured who earlier lived there. It also covers maid and service providers to the insured person including any watercraft or animals.

2) Insuring agreement : It is a briefing of the contract between the insurer and the one who will receive the insurance. It says that only in one condition the insurer would be paying you the insurance if the premiums are being paid and all rules and provisions are properly followed by the one who is insured.

3) Definitions : This section contains definitions and little explanationz regarding various terms related to policy so that people can read it and understand to protect themselves from any risk in future.

This is followed by section 1 which contains various coverages related to property.

Coverage A ( Dwelling) : It covers the insurance of main residence or any other structure that has been attached to that main dwelling. It also covers any new construction being done on the main Dwelling or residence.

Coverage B ( Other Structures) This includes structures that are not attached to the main Dwelling. The insured amount is 10% of the total of main dwelling.

Coverage C ( Personal property) : It includes the personal property which is unscheduled of the one which is insured, and the loss can be verified and also the property should not be covered by any other policy. Location here does not matter.

Coverage D ( Loss of use) : The main Dwelling being insured if is in a unfair condition due to some covered loss, this insurance would then cover use expenses loss and also 30% of income of Coverage A.

These are all key elements of section one.