Personal property coverage is designed to help protect your belongings. The police arrested the worker and returned the stolen property, including Laura's one emerald earring. Customer Bailee Floater Open perils coverage on the dwelling and broad form coverage on the personal property ---- The H0-3 provides open perils coverage on the dwelling, and Named Broad Form perils coverage on the personal property. C. all-risk $1,500 for loss by theft -- Jewelry, watches, furs, precious and semiprecious stones are covered up to $1,500 for loss by theft. B. inherent vice C. An attached garage Which of the following is not an Additional Coverage on the homeowners policy? People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. A. \text{\$5.000} & \text{1.1\\% compounded quarterly} & \text{8 yr} & \text{c.}\\ Fire insurance covers damage and losses caused by fire and is often purchased in addition to standard homeowners insurance. Renters Insurance Coverage and Policies | Allstate Renters insurance can do more than help protect your property. Scheduled personal property is an endorsement you add to your homeowners insurance to provide extra coverage for your valuables. An endorsement can settle personal property losses on a replacement cost basis. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence -- Damage to Property of Others pays up to $1,000 regardless of whether the insured is liable or not. Scheduled personal property endorsement lists each insured item, a description of the item, its insured value and highlights the excluded perils. For a homeowners policy, which one of the following statements about insuring personal property normally kept at a residence other than the residence premises is CORRECT? Determine the number of times interest charges are earned for 2014 and 2013. Learn how coverage works. reasonable repairs Your insurance companys underwriting team will review and get back to you with the status of your request. Mrs. Zabinski's homeowners policy is written on a form HO-6, Unit-Owners Form. Personal belongings coverage includes items stored off-premisesthis means you are covered anywhere in the world. The pair of earrings cost $15,000 and was recently valued at $20,000. Theft from a dwelling under construction prior to its occupancy Damage caused intentionally by the insured's 10-year-old son Personal property is a class of property that can include any type of asset other than real estate. For more jewelry. By purchasing a scheduled personal. The dwelling and other structures (Coverages A and B) are written on an open perils basis -- The HO-3 (Special Form) provides the broadest coverage available on structures: open perils (or all-risk) coverage. Property in transit. However, there are limits for the coveragevalue for eachitem. B. stamp and coin collections Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. trees, shrubs, plants A. A Personal Articles Floater: HO-6 ----- The HO-6 Form is designed for the owner-occupant of a condominium unit. $100 Some possessions covered by a scheduled personal property endorsement include jewelry, coin collections, postage stamps, furs, antiques, guns, fine arts, silverware, and other items whose value exceeds what your regular homeowners policy covers. D. Property damage -- Physical injury to tangible property, but does not include loss of use of that property, Property damage -- Physical injury to tangible property, but does not include loss of use of that property. The most common perils covered by an HO-1 policy include: Fire or lightning Smoke Windstorms or hail Explosion Aircraft Vehicles Vandalism Theft Few homeowners have this type of policy. Installment Sales Floater Which of the following Coverages is not found under Section I of the Homeowners Policy? They believed that they did not get enough for this property because the settlement was based on actual cash value. sailboats One day the dog attacks a neighbor while she is working in her own yard. Retrieve copies of either the receipts or appraisals of each item. 4.3.3 Workers Compensation Premium Computation, PI: 3.5.1 & 3.5.2 Farm Insurance Coverage / L, PI: 3.6.1 National Flood Insurance Program (N, PI: 3.7.1 Regulation of Property Insurance, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus. Scheduled personal property coverage is an endorsement that you can add to your home insurance policy to raise coverage limits for high-value items to ensure all of your belongings are fully protected no matter how or where they're damaged. Which would NOT purchase a bailee's floater? - any other residents who are under 21 and in the care of any member of the insured's family Under the HO-8 policy, the dwelling is valued on which basis? If an expensive painting and an antique chair are stolen from the insured's home, what will the insured receive on the claim under that endorsement? fire dept service charge B. The scheduled personal property endorsement provides coverage for specific items of property, such as a watch, that exceeds the internal limit on the policy. B. loading bridges, Which Personal Articles Floater item is insured on a stated value basis? A. ), $74,850.0035,798.00\begin{array}{r r} C. reservations Inherent vice subrogate the claim to seek recovery from the manufacturer. | Allstate Personal property coverage is designed to help protect your belongings. Read our, Definition and Examples of Scheduled Personal Property, Pros and Cons of Scheduled Personal Property, Answers to Common Homeowners Insurance Questions, What You Need To Know About Hurricanes and Insurance Coverage. Definition. Which statement is correct about these forms? Under the HO-4 and HO-6, personal property is covered on which basis? B. Insects Todd has a large gun collection and his wife, Tina, has several items of valuable jewelry. C. It covers injury to an employee, as well as attendees, arising out of day care operations Ocean marine floaters cover each of these EXCEPT: A scheduled personal property endorsement may be used to cover each of the following EXCEPT: Inland Marine covers each of the following EXCEPT: Molly has a Homeowners Policy with a $2,000 limit on theft of jewelry. The Personal Property Replacement Cost Endorsement may be added to cover the contents on a replacement cost basis B. Mr. Conrad lives on the second floor of a duplex he bought. Which of the following statements BEST describes the homeowners endorsements that are used to provide coverage for fungi, wet or dry rot, and bacteria? Bridget reported the theft of her Rolex watch to her insurance company. D. Damage to property owned by the insured's tenant. B) Scheduled personal property endorsement. In addition, Birinyi Associates identified Caterpillar as one of the top five companies to repurchase their own shares in a recent year.12 Three recent years of earnings and average common shares outstanding data for Caterpillar are as follows (in millions): Year3Year2Year1Netincome$3,695$3,789$5,681Averagenumberofcommonsharesoutstanding617.2645.2652.6\begin{array}{lrrr} His insurance agent suggests that he add which endorsement to adequately cover his watch? B. Dwellings under construction are covered for theft 30 fences B. A scheduled personal property endorsement provides adequate coverage for your valuables, but at the expense of a higher insurance premium. Mac's homeowners policy pays for the damage to the home and grill. All of the following statements about the federal flood insurance program are true EXCEPT. Bart keeps a dog that is known in the neighborhood to be vicious. D. Medical payments coverage is available for the insured and resident relatives. Liability coverages are set forth in Section II of the Policy. Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage Which floater covers works of art sold by an art gallery on a consignment basis? Under Section II of the Homeowners Policy, an employee whose duties are related to the maintenance or use of the residence premises, is defined as: A residence employee - 'Residence employee' means any employee of an insured, whose duties are related to the maintenance or use of the residence premises. All of the following are defined as insured locations under the Homeowners Policy, except: Farmland owned by the insured -- Farmland owned by the insured is not covered. Under Coverage C of a Homeowners Policy, all of the following losses are included, except: Property of a roomer, boarder or tenant --- Property of roomers, boarders, or tenants is not covered under the policy. A) Special limits of liability. Per person -- Medical payments coverage for all types of policies pays on a 'per person' limit, When the property has been vacant for 60 consecutive days -- Since vacant property possesses a higher susceptibility to being vandalized, the policy excludes vandalism coverage when insured homes are vacant for 60 days or longer. Money is covered up to $500 per occurrence - The limit on money is $200. One classified ad lists a job that pays 64.6K. \hline \text { Net income } & \$ 3,695 & \$ 3,789 & \$ 5,681 \\ Which statement is false? D) Whatever it will reasonably cost. She purchased the necessary lumber and it's piled in her back yard. A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. `Lisa lost one of her emerald earrings. Water damage Is personal property that is usually located in a secondary residence covered under Coverage C? C. homes You can add this endorsement to either a schedule or blanket farm personal property insurance plan to give you additional coverage from $5,000 to $100,000. These items are covered for losses caused by all the perils included in your policy such as fire, windstorm, theft and vandalism. C. a leased warehouse The peril causing this loss is malicious mischief. An insurer may not be sued unless the insured has fully complied with the terms of the homeowners policy and the suit is brought within how many years of the loss date? War Moving property adds some risks you don't normally face, so it makes sense to protect your farm personal property if you're going to be moving it from place to place. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. C. Medical payments will pay for a maximum of 1 year from the date of the accident Of the following statements concerning Homeowners policies, which is correct? Items that are scheduled and insured under a scheduled personal property endorsement are covered on a . What is the amount of the dividend s in arrears? Per person - Medical payments coverage for all types of policies pays on a 'per person' limit. \end{array} Which of the following property is covered under the Homeowners Policy? George is a sales representative and keeps much of his business equipment and merchandise in his home and in his car. 80% of the replacement cost. The following coverages are all found under Section I of the Homeowners Policy, except: Personal Injury Liability -- Section I of the Homeowners Policy contains Property coverages. property removed, Section II provides coverage to third parties including, first aid provided by the insure Medical payments coverage is not available for a residence employee A. buildings The property section of the homeowners policy excludes coverage for certain types of property. all of the following are special personal property limits under a homeowners policy EXCEPT: a. - all relatives of the named insured who live in the same household A HO-3 policy provides coverage on which basis? D. Lumber in the insured's yard to be used to build a deck off the kitchen. A neighbor is injured while helping the insured install a carpet --- First Aid Expenses Coverage applies to first aid to others caused by Bodily Injury covered under the policy, but does not pay for first aid to an insured. D. provides named peril coverage. They would not recover their loss in full because they were not insured to value. Under an HO-3 policy, what is the coinsurance requirement? Coverage A: Dwelling The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. If it suffered extensive damage and had to be replaced, the replacement value might substantially exceed its market value. People with collections that are valued at more than the maximum coverage amount should consider supplementalscheduled property coverage. D. vermin damage, A unique exclusion that is found only in the Fine Art Floater is: Today, it's replacement value is $60K. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. Round to one decimal place. Bart's homeowners policy will cover all of the following expenses related to this incident EXCEPT: B. imports and exports An employee whose duties are related to the maintenance of the residence premises, is defined as which of the following under Section II of the Homeowners Policy? motorized wheelchairs How would a covered loss to their home be settled or adjusted? If the cost to repair or replace is less than five percent of the dwelling limit and less than $2,500, the holdback requirement does not apply. Get home insurance quotes for scheduled personal property coverage Compare rates \begin{matrix} Scheduled personal property coverage provides three specificadvantages that extend beyond the benefits of a standard insurance policy: By clicking Accept All Cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts. A show dog C. stated value A. Personal property is covered worldwide. Scheduled personal property coverage could cover the item if the policyholderloses or damages the insured item. Advertisement $$, What is covered under Coverage C - Personal Property, Personal property of the insured located anywhere in world, HO-2 policy provides an additional ____% of the amount coverage on the dwelling for loss of personal property, but only ___% of the personal property limit can be applied to property not located at the insured's primary residence, What homeowners endorsement is used to insure high-value items of personal property. A. $0 George just returned from Europe with a beautiful Swiss watch valued at $10,000. detached shed from which a tool repair business is operated. Use the Web site for the Academy Awards to investigate the full election procedure for the Academy Awards. Which of the following claims would be covered by the First Aid Expenses under the Homeowners Policy? Borrowed property meets the definition of contents --- Coverage C covers property owned or used by the insured, including property owned by others. Physicians and Surgeons Floater vandalism and malicious mischief The Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence.
