1. Describe who is covered/protected by the Homeowners Policy. 2. Describe the four coverages found in...

1. Describe who is covered/protected by the Homeowners Policy.

2. Describe the four coverages found in Section One (Property Coverage) of the Homeowners Policy. Give an example of a loss covered by each section.

3. Describe the two coverages found in Section Two (Personal Liability) of the Homeowner’s Policy. Give an example of a loss covered by each section.

4. What is the difference between a “named perils” policy and an “open perils” policy?

5. List and briefly explain the exclusions under the Homeowner’s Liability coverage?

6. List and briefly explain the exclusions under the Homeowner’s Five – Comprehensive form property coverage?

7. List the insured named perils as found in the Homeowner’s Three – Special form property coverage

8. List and briefly describe three commonly used policy endorsements to the Homeowner’s Insurance policy

Solutions

Expert Solution

1.Homeowners policy protects owner's home and belongings. Such policies covers any damage caused by fire or theft and help in repairing the home and belongings. It also covers if any visitor to your home is injured or any other person's property is accidentally damaged.

2. Four coverages found in Section One (Property Coverage) of the Homeowners Policy are:

Coverage A - Dwelling: One should carry enough insurance to cover the rebuilding cost of your home and not the market value of your house. For example, in reconstruction of your house, we may consider construction cost rather than its land cost.
Coverage B - Personal Property: It covers your personal property to a certain limit. For example, a policy may cover to an extent of 50%-70% of your property structure cost. Suppose, cost of high value property like jewellery and jems exceeds to $2,500. It will be beneficial to buy rider that covers its full cost.
Coverage C- Loss of use: it will cover the additional cost incurred to stay away from home due to damage from a covered peril like fire or theft.
Additional Coverage: These include additional damage cost example debris removal or temporary repair work.

3. Coverages found in Section two (personal liability) of Homeowners Policy are:

It covers:

The medical bills
Legal fees
Any damage awarded to the injured party.

jeff jeffy answered 1 year ago

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