Home Insurance
Covers buildings not attached to your home
What is Coveage B, Other Structures
This coverage is the bare minimum on every single
auto policy
What is LiabilityCoverage?
A separate policy that provides extra liability coverage over the client's underlying home/auto coverage.
What is an Umbrella Policy
If a rock chips or shatters your windshield, you’d normally owe your comprehensive deductible. This endorsement lets you repair or replace damages with no deductible at all.
$0 Glass/Full Coverage Glass?
The rule that states how many times we typically contact a client before closing a case
What is the 3-contact rule?
Dwelling/landlord policies, builders' Risk policies, vacancy policies, and vacancy policies are all types of what
What are home policies
This provides coverage to your car for all ‘non-collision’
accidents.
What is Comprehensive Coverage?
A client’s needs a _______ when the home is no longer owner-occupied.
What is DP3, Landlord Policy
Provides ‘extra protection’ over coverage A (Dwelling). Usually provides up to 25% extra, but can be higher
What is Extended Dwelling Coverage?
This special account holds money from each monthly payment to cover property taxes and insurance.
What is an Escrow Account?
Agents run a ‘replacement cost estimator’
before each quote to determine this amount
What is Coverage A - Dwelling
In the event of a total loss, auto claims are paid out this way
What is actual cash value (ACV)?
Clients with a mortgage in these zones are REQUIRED to have a flood policy with limits matching the home.
High Risk Zones: What is AE,VE
If you lose a $3,000 ring but your policy only pays up to $1,500 for jewelry, you can _________ for better limits.
What are the Increased Sub Limits/Scheduled Property / Suggest PAF
____ is an excluded peril?
Wear and tear, mold, earth movement, neglect, flood, and war or terrorism damage
The ‘standard’ deductible for all covered losses not related to wind
What is AOP, AllOther Perils
This covers what you broke
What is Bodily Injury & Property Damage
NEVER covered on a home policy. It is a separate policy
What is flood?
Applies to older homes and allows coverage if a new building code makes it more expensive to build the home
What is Ordinance and Law
• NB Payments
• NB Documentation
• NB Errors that cause increases
• NB Minimum Earned Cancellations
• Reshops
What do sales agents/Senior Account Managers handle?
This is ‘sue prevention’ money.
What is Coverage F - Med Pay?
Provides a vehicle after a covered loss
What is Rental Reimbursement?
Can be written on a 3, 6, 9, or 12-month term
What is Builders Risk/Vacancy?
Provides the difference between what is owed on the vehicle and the vehicle value
What is Gap Coverage?
A guest slips on icy steps and sues the homeowner for $800,000. The homeowner’s policy provides $500,000 in liability coverage. The homeowner also carries a $1 million umbrella policy. How much will it pay?
What is an umbrella policy — and it will pay $300,000?