Home Systems Protection
Name 3 common permanent installed appliances that are covered:
What is:
Heating or air conditioning units
water heaters
electrical panels
pumps
Furnace
pool pumps and filtration
fire and security alarm systems
emergency generators
water treatment and filtration
ventilation
chair lifts
In regard to Cyber events:
Coverage applies when the event is first discovered while this endorsement is in force and reported within how many days after it is first discovered by any insured.
What is 60 Days
Daily Double
Energy Efficiency Upgrade pays the added cost of replacing home equipment damaged by a covered loss with more energy efficient equipment. Payment is limited to 150% of the cost to replace the equipment with the same kind and quality, which includes any modifications needed to accommodate the new equipment. Please give me an example
Modifications to the following are covered:
Energy Efficiency Upgrade does not apply to the replacement of component parts and does not increase the dwelling (Coverage A) limits.
Lainey has been renting out her home for a week for Mardi Gras each year. She just heard of the home rental endorsement. What would you recommend to her?
Do not add unless she plans on exceeding 30 nights a year to rent her home out.
What endorsement can a customer who is a member of a homeowners association purchase to protect them against personal injury assessment from HOA due to
What is Loss Assessments Endorsements
Daily Double
How long do you have to repair or replace the damaged property after the date of the home system breakdown?
What is 24 months after 24 months the company will only pay the smaller of:
a. the cost it would have taken to repair or replace at the time of the home system breakdown; or
b. the actual cash value at the time of the home system breakdown
In regards to cyber event, id restoration, and fraud loss - what is the max reimbursement annual aggregate limit per insured and the annual cost per year per hh for coverage?
What is 50k and $25 per year
in regard to the service line coverage endorsement what are two types of covered service lines are:
what is:
communication
compressed air
drainage
electrical power
heating
waste disposal
or
water supply
Whitney owns a property that is rented out majority of the year to different people. She just put a pool on the property - what must she make sure the property has in addition to the pool?
What is a self closing or locking gate around the yard or pool
What endorsement provides Liability (Coverage L) and Medical Payments (Coverage M) for those who provide 24-hour care for up to 6 adults residing at the insured's dwelling. Care is for elderly and functionally disabled adults not related to the insured by blood or marriage.
What is the Adult Family Home Endorsement
home systems protection coverage limits are what
What is:
a. manufactured less than 15 years prior to the home system breakdown is $50,000; or
b. manufactured 15 years or more prior to the home system breakdown is $2,000. However, if the damaged covered home equipment was installed as new, unused equipment within 15 years prior to the home system breakdown, the limit shown in a. above will apply.
The limit is based on the age of the equipment, not the age of the home. Covered home equipment less than 15 years old is subject to a limit of $50,000. Covered home equipment that is 15 years or older is subject to a limit of $2,000.
Daily Double
In regards to cyber event and id restoration who is considered an insured other than the named insured?
what is:
HH members that are relatives
residents under 21 who is in the care of the named insured
any person for whom the insured is responsible for
In regard to Service Line Coverage -Please name 3 causes of a service line failure.
What is but not limited to:
-wear and tear, marring, deterioration or hidden decay
- rust of other corrosin
-mechanical breakdown, latent defect of inherent vice
- weight of vehicles, equipment, animals or people
-vermin, insects, rodents or other animals
- artificiallky generated electrical current
-freezing or frost heave
-external force from a shovel, backhoe or other form of excavation
-tree or other root invasion
Dylan is currently rolling in money and decides to buy a home in Shreveport to rent out as an air b&b, but will occasionally visit maybe one weekend out of the year. What do you recommend for him? Rental Dwelling or write it as a second home?
Recommend writing as his second home and adding the home rental endorsement.
Jordan is wanting to use her she shed to do a few bowl cuts for kids as a side business. What endorsement will she need to add onto her homeowners?
What is Option IO - Incidental Business
What would qualify a system as equipment breakdown? Basically please define equipment breakdown in terms of insurance.
What is:
“equipment breakdown” means an abrupt and accidental:
(1) mechanical breakdown;
(2) electrical breakdown; or
(3) bursting, cracking, or splitting;
of covered home equipment that results in direct
physical damage and requires repair or replacement
of all or part of the damaged covered home equipment
Id Restoration coverage provides case management service and expense reimbursement incurred as a direct result of ID fraud. Please name 3 possible expenses.
Expenses Include:
a. costs for re filing loans, grants or credit instruments such as credit applications.
b. costs for notarizing affidavits and other related documents.
c. costs for credit bureau reports
d. legal fees for defense of any civil suit, the removal of any civil judgement wrongfully entered, legal assistance at an audit or hearing by govt agency, assistance in challenging the accuracy of a credit report, assistance in challenging any charge or transaction wrongfully entered by a financial institution, defense of any criminal charges brought against an insured as a result of id fraud.
e. Other reasonable costs incurred as a result of ID fraud (1k sublimit)
f. Lost wages and child/elder care supervision (sublimit 5k)
In regard to Service Line Coverage, what is the limit of liability and the deductible?
What is 10,000 however some states have a limit of liability of $2500 for a covered service line 50 years old or older with a $500 per occurrence built into the endorsement
Daily Double
Megan admits she has spoiled Beau. How could she not, he is her first baby boy. Long story short Beau does not want to move, so she will allow him to stay behind her fancy new agent mansion in the guest house for a small "responsibility fee". What type of coverage will cover the guest house and Beau? Homeowners, Rental Dwelling (if eligible), Home Rental Endorsement etc.
RDP if eligible or
Homeowners covered under room and boarders (can not exceed 2 room and boarders)
In regard to Home Rental endorsement -
The endorsement may be attached to cover homes with rental exposures for a room or rooms on a nightly basis. It is not intended for full-time roomers or boarders.
Casey is throwing the biggest baby shower anyone has ever seen. She wants to have a dance floor, fun activities for the guest that are physical, and maybe even a live animal. She is concerned about the risk that she is taking on. What endorsement can she add to her homeowners to cover her private event?
What is the Special Event endorsement.
The Special Event endorsement may be added to a homeowners policy when an insured rents a location for hosting a family-oriented event and the location wants to be listed as an additional insured. Examples include a wedding, birthday, anniversary, family reunion, baby shower, or other family recreational activity.
Spoilage
With respect to your refrigerated products, we will pay:
for physical damage due to spoilage caused by a
home system breakdown. What is the max that can be paid out for spoilage?
What is $500
Name 3 things that can be considered a fraud event
Identity Fraud
unauthorized use of a bank card
alteration or forgery of any check or negotiable instrument
acceptance in good faith of counterfeit currency
intentional and criminal deception of an insured to part voluntarily with something of value
For the most part septic tanks are excluded from coverage, however in what case are the service lines for the septic tank covered?
What is Service Line Coverage provides limited coverage for the lines servicing septic systems. Service Line Coverage will cover the exterior, underground piping from the dwelling to the septic tank. However, the tank and the leach field (including the underground buried piping to the leach field) are excluded.
Alex has a condo in New York that she rents out more than 30 nights a year through a management company. Her last guest punched a hole in her wall - so she calls to file a claim under her home rental coverage. What would be the issue with claims?
What is she is ineligible because she rents through a management company
Daily Double
This endorsement provides broader theft, liability, and medical payment coverage to those who temporarily rent their homes for a one-time event.
What is Temporary Rental Endorsement which provides the following for a temporary period of 60 Days: