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Complete Coverage Series Homeowners Section I Part I

Complete Coverage Series Homeowners Section I Part I. 2 Hour Webcast FAIA. Homeowners Section I Part I. Per DFS requirements, you'll need to sign an affidavit for us to process your CE. Please fax the affidavit to 850-668-2852 OR mail it to PO Box 12129, Tallahassee, FL, 32317

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Complete Coverage Series Homeowners Section I Part I

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  1. Complete Coverage SeriesHomeowners Section I Part I 2 Hour Webcast FAIA

  2. Homeowners Section I Part I • Per DFS requirements, you'll need to sign an affidavit for us to process your CE. • Please fax the affidavit to 850-668-2852 OR mail it to PO Box 12129, Tallahassee, FL, 32317 • OR scan it to a .pdf file and email it to classroom@faia.com. Electronic Submission. • Be sure to complete all the required information and sign it below. The affidavit is located on the FAIA website, www.faia.com, under Education. • We need this form to be sent within three (3) business days.

  3. Homeowners Section I Part I • Overview of ISO Homeowners Program • HO-3 Special • HO-4 Renter • HO-5 Open Perils • HO-6 Condo • HO-8 Modified

  4. Homeowners Section I Part I • Before it’s said and done we will have covered: • Section I Property Coverages • Section I Perils Insured Against • Section I Exclusions • Section I Conditions • Section II Liability Coverages • Section II Exclusions • Section II Additional Coverages • Section II Conditions • Section I and II Conditions • Endorsements

  5. Homeowners Section I Part I 11. "Residence premises" means: a. The one family dwelling where you reside; b. The two, three or four family dwelling where you reside in at least one of the family units; or c. That part of any other building where you reside; and which is shown as the "residence premises" in the Declarations. "Residence premises" also includes other structures and grounds at that location.

  6. Homeowners Section I Part I • It includes not one but up to four family dwelling units where the named insured must reside in one.

  7. Homeowners Section I Part I

  8. Homeowners Section I Part I • Coverage A Dwelling includes permanently attached items such as: • plumbing • heating, • cooking, and cooling equipment • tile • Cabinets • lighting fixtures • Awnings • security alarm • Intercom • central vacuum system • fences • patios and indoor hot tubs or pools.

  9. Homeowners Section I Part I

  10. Homeowners Section I Part I • 2. We do not cover land, including land on which the dwelling is located.

  11. Homeowners Section I Part I • 2. We do not cover land, including land on which the dwelling is located. • 69O-167.009 Mortgage Fire Insurance Requirements LimitedNo mortgage lender shall, in connection with any application for a mortgage loan in this state which is secured by a mortgage on residential real estate located in this state, require any prospective mortgagor to obtain by purchase or otherwise a fire insurance policy in excess of the replacement value of the covered premises as a condition for granting such a mortgage.

  12. Homeowners Section I Part I Coverage B insures other structures on the residence premises set aside from the dwelling by clear space.

  13. We cover other structures on the "residence premises" set apart from the dwelling by clear space. This includes structures connected to the dwelling by only a fence, utility line, or similar connection. Homeowners Section I Part I

  14. Homeowners Section I Part I

  15. Homeowners Section I Part I

  16. Homeowners Section I Part I Coverage B Exclusions

  17. Homeowners Section I Part I “Business” means: A trade, profession or occupation engaged in on a full-time, part-time or occasional basis;

  18. Homeowners Section I Part I

  19. Homeowners Section I Part I 5. "Insured" means: a. You and residents of your household who are: Your relatives; or (2) Other persons under the age of 21 and in your care or the care of a resident of your household who is your relative; b. A student enrolled in school full-time, as defined by the school, who was a resident of your household before moving out to attend school, provided the student is under the age of: (1)24 and your relative; or (2) 21 and in your care or the care of a resident of your household who is your relative; or

  20. Homeowners Section I Part I • An unnamed spouse has insured status (“you”) so long as he or she is a resident of the named insured’s household. • If an unnamed spouse leaves, without intent to return, that person has no status whatever under the policy.

  21. Homeowners Section I Part I With the dwelling having a stated limit in the declarations, Coverage B has a limit of 10% of the Coverage A limit. This 10% limit applies collectively to all other structures at the residence premises. The 10% is in addition to coverage A limit.

  22. Homeowners Section I Part I

  23. Homeowners Section I Part I 10% for usually

  24. b. Self-storage Facilities Our limit of liability for personal property owned or used by an "insured" and located in a self-storage facility is 10% of the limit of liability for Coverage C, or $1,000, whichever is greater. However, this limitation does not apply to personal property: (1) Moved from the "residence premises" because it is: (a) Being repaired, renovated or rebuilt;and (b) Not fit to live in or store property in;or (2) Usually located in an "insured's" residence, other than the "residence premises".

  25. Homeowners Section I Part I • 10% in storage unit would not apply in cases such as: Personal property is located in a warehouse which is not a self-storage facility. Personal property is in a self-storage facility because the main dwelling had suffered a fire loss and property was removed during the repair process. A college student in another city stores his/her property in a self-storage facility over the summer. .

  26. Homeowners Section I Part I • 10% in storage unit would not apply in cases such as: Personal property is in a moving truck. Personal property is stored in a neighbor's garage. Personal property is in a beach house or hotel room for a week.

  27. Homeowners Section I Part I • Review Time

  28. Homeowners Section I Part I • 1. What doesn’t the homeowners policy cover that shocks a lot of bankers? A. Wind B. Land C. Money D. Trees

  29. Homeowners Section I Part I • 1. What doesn’t the homeowners policy cover that shocks a lot of bankers? A. Wind B. Land C. Money D. Trees

  30. Homeowners Section I Part I • 2. “Residence premises” can include up to how many family dwelling units if you reside in at least one. A. 3 B. 2 C. 4 D. 1

  31. Homeowners Section I Part I • 2. “Residence premises” can include up to how many family dwelling units if you reside in at least one. A. 3 B. 2 C. 4 D. 1

  32. Homeowners Section I Part I • 3. Coverage B-Other Structures usually has a limit of ______% of the Coverage A Limit. A. 30% B. 20% C. 40% D. 10%

  33. Homeowners Section I Part I • 3. Coverage B-Other Structures usually has a limit of ______% of the Coverage A Limit. A. 30% B. 20% C. 40% D. 10%

  34. Homeowners Section I Part I Special Limits

  35. Homeowners Section I Part I • a. $200 on money, bank notes, bullion, gold other than goldware, silver other than silverware, platinum other than platiumware, coins, medals, scrip, stored value cards and smart cards. • The limit for items in this category may be increased with endorsement HO 04 65 (or HO 04 66) from $200 up to $1,000 in increments of $100.

  36. Homeowners Section I Part I • b. $1,500 on securities, accounts, deeds, evidences of debt, letter of credit, notes other than bank notes, manuscripts, personal records, passports, tickets and stamps. This dollar limit applies to these categories regardless of the medium (such as paper or computer software) on which the material exists • The limit for items in this category may be increased with endorsement HO 04 65 (or HO 04 66) from $1,500 up to $2,500 in increments of $100.

  37. Homeowners Section I Part I • c. $1,500 on watercraft of all types, including their trailers, furnishings, equipment and outboard engines or motors. • d. $1,500 on trailers or semitrailers not used with watercraft of all type.

  38. Homeowners Section I Part I • e. $1,500 for loss by theft of jewelry, watches, furs, precious and semi-precious stones. • The theft limit for property in this category may be increased with endorsement HO 04 65(or HO 04 66) from $1,500 up to $5,000, but the limit remains $1,000 per article.

  39. Homeowners Section I Part I • f. $2,500 for loss by theft of firearms and related equipment. • The theft limit for firearms may be increased from $2,500 up to $6,500 with endorsement HO 04 65 (or HO 04 66).

  40. Homeowners Section I Part I • g. $2,500 for loss by theft of silverware, silver-plated ware, goldware, gold-plated ware, platinumware, platinum-plated ware and pewterware. This includes flatware, hollowware, tea sets, trays and trophies made of or including silver, gold or pewter. • The theft limit for property in g. may be increased from $2,500 up to $10,000 with endorsement HO 04 65 (or HO 04 66).

  41. Homeowners Section I Part I • h. $2,500 on property, on the "residence premises," used primarily for "business" purposes. • For item h., the limit for business property on premises may be increased up to $10,000 with endorsement HO 04 12.

  42. Homeowners Section I Part I i. $1,500 on property, away from the "residence premises", used primarily for "business" purposes. However, this limit does not apply to antennas, tapes, wires, records, disks or other media that are: (1) Used with electronic equipment that reproduces, receives or transmits audio, visual or data signals; and (2) In or upon a "motor vehicle". For item h., the limit for business property on premises may be increased up to $10,000 with endorsement HO 04 12.

  43. Homeowners Section I Part I j. $1,500 on portable electronic equipment that: (1) Reproduces, receives or transmits audio, visual or data signals; (2) Is designed to be operated by more than one power source, one of which is a "motor vehicle's" electrical system; and (3) Is in or upon a "motor vehicle".

  44. Homeowners Section I Part I k. $250 for antennas, tapes, wires, records, disks or other media that are: (1) Used with electronic equipment that reproduces, receives or transmits audio, visual or data signals; and (2) In or upon a "motor vehicle".

  45. Homeowners Section I Part I • “Motor Vehicle” • a.     A self-propelled land or amphibious vehicle; or • b.     Any trailer or semitrailer which is being carried on, towed by or hitched for towing by a vehicle described in a. above.

  46. Homeowners Section I Part I • How Deductibles Apply to the Special Limits • Coverage C- $75,000 • $250 Deductible • $2,500 jewelry, $500 cash, $1,000 other personal property totaling $4,000 • According to Special Limits only $1,500 can be collected for jewelry and $200 for cash. • This leaves $1,300 EXCESS • Since this loss exceeds the limits, the $250 can be applied against the excess and doesn’t reduce the special limits amount.

  47. Homeowners Section I Part I • Property Not Covered Property Not Covered

  48. Homeowners Section I Part I • 4. Property Not Covered We do not cover: a. Articles separately described and specifically insured, regardless of the limit for which they are insured, in this or other insurance; • Articles means specific, identifiable objects, each described separately and insured individually.

  49. Homeowners Section I Part I • b. Animals, birds or fish;

  50. Homeowners Section I Part I

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