Category: Homeowners Insurance

   HOMEOWNE RS FORMS COMPARISON The following charts compare the features of the different homeowners forms. *Risks of loss not otherwise excluded are covered **Does not include losses to fences, driveways, or walks caused by vehicles owned or operated by residents of insured household ***Does not include damage from fireplace smoke ****Includes costs to tear…

 HOMEOWNERS ENDORSEMENTS 1. Section I Endorsements The homeowners policy is designed for use by the average homeowner.  Many homeowners, however, have special needs. To meet these needs, there are numerous endorsements that can be attached to the homeowners policy to modify coverage under Section I or Section II. The scheduled personal property endorsement provides a separate…

   SECTION II—LIABILITY Now that we’ve reviewed the Section I property coverages, we’ll turn our attention to Section II, the liability portion of the homeowners policy. Individuals face many direct and indirect exposures to liability. A homeowner may be held liable for damages arising from his home or yard, as when a visitor slips and…

  SECTION I—PROPERTY 1. Coverage A—Dwelling and Coverage B—Other Structures Four separate property coverages are provided by the homeowners policy under Section I: ■Coverage A—dwelling ■Coverage B—other structures ■Coverage C—personal property Coverage D—loss of use Coverage A—dwelling covers the dwelling and structures attached to the dwelling as well as materials and supplies for repair and…

 THE HOMEOWNERS POLICY 1. Introduction Just as companies that issue both property and casualty insurance policies are called multiline companies, policies that contain both property and casualty coverages in a single contract are called multiline policies or package policies.  The homeowners policy is a multiline policy because it provides property and liability insurance in a…