Policy Forms
This policy form provides 'customized' dwelling coverage.
HO6 - Condo
This endorsements allows us to insure more than 10% if a customer needs additional coverage for property being stored.
Personal Property at Self Storage Facility
If a customer insures their home to full value, we include this endorsement.
Inflation Guard - additional 30%
What does Dividend mean?
Share into the company, premium is higher in the beginning, but customer will get a check at the end of the policy term which will result on a lower premium compared to non-div option.
During the winter, Kelly is walking on the sidewalk and happens to slip on some ice and falls in front of Julio's home. Is Julio responsible?
Yes - he could have been negligent and not cleaned up the ice/snow as best as possible. This will pay for legal costs and medical expenses from injuries.
These two home policy options are more inclusive in coverage.
HO5 Comprehensive - more than HO3
Renters Essentials - added endorsements than HO4
Name at least 3 of the Open Perils
Wear/Tear
Rust/Corrosion
Mechanical Breakdown
Flood/Surface Water
Damage by birds/insects/animals you own/keep
What is the limit of coverage for a PAF we can list on a policy before we need to verify the information with Udi?
$25,000
What is the difference between Market Value and Replacement Cost
Market Value - value of overall land/plot
Replacement Cost - cost to repair the home due to partial/total loss
How much coverage does the ID Fraud endorsement provide for homeowners insurance?
$15,000 for expense reimbursement
This policy form is reserved for homes that only cover the structure.
DP3 - if furnishings still present, would suggest at least HO3
What does it mean 'Loss to A Pair or Set'?
In case of loss to a pair or set we may elect to:
1. Repair or replace any part to restore the pair or set to its value before the loss; or
2. Pay the difference between actual cash value of the property before and after the loss.
What is in the Mortgage Clause?
Bank Name
ISAOA/ATIMA
Street
City/State/Zip
What is the Home Safe Discount?
What is the Remodeled Home Credit?
1. completing home safe course, providing proof of completion
2. roof/wiring/plumbing/heating - all systems updated/replaced to provide discount
True or False - we are not responsible for someone who has a few drinks at the residence premise and then gets into an accident later on in the night.
False - we are responsible, the person got intoxicated on the residence and due to negligence, let that person leave and drive.
If father owns a home and daughter is occupying the home, who will be the policy owner? what endorsement would we need to add?
Policy owner will be the daughter since she is living there. We would add 'Additional Insured' Endorsement and list the father as the Owner.
What is the threshold amount for a loss to be assessed on a home policy? How long is that loss impacting the rates? Even if that loss is below that threshold, it will be listed as a _______ claim.
-Anything over $500
-5 years
-Qualified Claim
What endorsement would we add if there is a multi-family home and they rent out the other unit(s)? Why would we add this endorsement?
Tenants Relocation Expense
Perils:
HO3 provides ____ for dwelling and ____ contents.
HO5 provides ____ for dwelling and ____ contents.
HO3 - open perils for dwelling; named perils for contents
HO5 - open perils for dwelling & contents
When is a Hurricane deductible applicable?
When a 'Named Storm' occurs. If applicable, you would be required to pay the hurricane deductible percentage listed on your policy.
If the master policy is all inclusive, what would the suggested dwelling coverage be?
suggest dwelling coverage would be the deductible limit on the master policy.
Can a home be written in the name of a trust?
What does HELOC stand for? Why would someone consider this?
Home Equity Line of Credit; majority of the time, customers take out a line of credit because they plan on making alterations/additions to their home.
What is Ordinance or Law? How much coverage does this provide?
Provides coverage to rebuild to code; up to 10% of Dwelling coverage
under Special Limits of Liability, what is the amount of coverage for antennas, tapes, wires, records, disks or other media?
$250