HO3/MHO3
Fire, Wind/Hurricane, Lightning, Theft, Liability, Hail, Vandalism
WHAT IS COVERED PERILS
This auto coverage pays for damage to another person's vehicle or property if you cause an accident.
WHAT IS PROPERTY DAMAGE LIABILITY
This federal program backs most flood insurance policies
WHAT IS THE NATIONAL FLOOD INSURANCE PROGRAM (NFIP)
This dwelling form is used to protect non owner-occupied properties and provides open-peril dwelling coverage
WHAT IS A DP3 POLICY
WHAT IS BUILDER'S RISK INSURANCE
This homeowners form provides open-peril coverage on the dwelling and other structures BUT named-peril coverage on personal property
WHAT IS AN HO3 POLICY
WHAT IS COLLISION COVERAGE
These are the standard waiting periods for Bankers & Neptune flood policies
This inspection is typically not provided by the condo association and is required from most carriers for units over the age of 20 years
WHAT IS A 4-POINT INSPECTION
This dwelling form is used to insure vacant properties
WHAT IS A DP1 POLICY
This type of home is built in a factory and transported to a site, and is typically insured under an MHO3 policy.
WHAT IS A MANUFACTURED HOME
In Florida, drivers must carry this minimum type of liability coverage to legally operate a vehicle
WHAT IS PERSONAL INJURY PROTECTION (PIP)
WHAT IS $250,000
This DP3 coverage reimburses lost rental income
WHAT IS FAIR RENTAL VALUE
This policy protects a business from claims involving bodily injury or property damage
WHAT IS GENERAL LIABILITY INSURANCE
In most HO3 policies, this coverage is automatically set at about 25% of Coverage A unless increased or rejected
WHAT IS COVERAGE C - PERSONAL PROPERTY
This factor greatly impacts the rate of boat insurance and refers to where a watercraft is kept
WHAT IS STORAGE LOCATION OR MARINA LOCATION
This flood zone indicates the highest flood risk
WHAT IS AN AE OR VE FLOOD ZONE
In a condo loss, this document determines what the association covers versus what the unit owner must insure.
WHAT IS THE CONDO ASSOCIATION MASTER POLICY
This coverage pays for employee injuries that occur while while performing job duties
WHAT IS WORKERS COMPENSATION
A homeowner leaves for a 10-day vacation. On day two, a pipe bursts and water damages the floors and drywall. The claim is covered because this type of water loss is sudden and accidental.
WHAT IS A COVERED WATER DAMAGE CLAIM UNDER AN HO3 POLICY
During a hurricane, floodwater enters a homeowners garage and fills their parked vehicle with water, causing major damage to car.
WHAT IS A COMPREHENSIVE CLAIM
A canal overflows after a heavy rainstorm, causing flood water to damage a homeowner's pool, flooring, furniture, and pool equipment. The insured files a claim with $250k in building coverage and $50k in contents coverage with Bankers, but FEMA denies it partially because these items are excluded from NFIP coverage.
WHAT IS SWIMMING POOL AND POOL EQUIPMENT
A pipe bursts in a second-floor condo unit, flooding that unit and causing water damage to the ceiling and walls of the unit directly below.
WHAT IS A PERSONAL LIABILITY CLAIM UNDER AN HO6 POLICY
A windstorm damages a home that is still under construction and has not yet been occupied.
WHAT IS A BUILDER'S RISK CLAIM