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The Homeowners Package
Policy: a homeowner's policy combines property, liability, and
crime coverage in a single policy form. It is divided into two basic sections:
Section I - Property Coverages and Section II Liability Coverages.*
Market Value is usually
the amount that you can sell your home for on the open market. This amount
may include the value of the land and the location. Replacement
Cost is the amount it would cost to rebuild your home if it were
destroyed (for a reference on this you can check your current homeowners policy).
The portion of a loss considered the responsibility
of the insured. This is the dollar amount which will not be reimbursed
by the insured.
Four basic coverage areas that make up Section
I provides coverage for an insured's property. The coverage includes:
Provides protection for
the dwelling at the location shown in the declarations. Includes structures
attached to the dwelling, and materials and supplies (including indoor
and outdoor fixtures) located on or next to the resident premises used
to construct, alter, or repair the dwelling or attached structures. Land
on which the dwelling is located is not covered.
The insurer will cover
other structures on the residence premises set apart from the dwelling
by a clear space. This includes structures connected to the dwelling by
only a fence, utility line, or similar connection. Structures such as a
detached garage or utility shed would be covered under this section. However,
the insurer will not cover other structures used in whole or in part for
business or rented of held for rental to any person who is not a tenant
of the dwelling, unless the structure is used solely as a private garage.
|Unscheduled Personal Property:
will cover unscheduled personal property owned or used by an insured anywhere
in the world. At the insured's request, the company will cover personal
property owned by:
(1) Others while the property is on the part of the residence premises
occupied by the insured.
(2) A guest or a residence employee, while the property is in any residence
occupied by an insured.
|Loss of Use:
If the dwelling is uninhabitable
following a covered loss the insurance company will provide the insured
with either of the following benefits: Additional Living Expense
meaning any necessary increase in living expenses incurred by the insured
so that his household can maintain its normal standard of living; or Fair
, meaning the fair rental value of that part of the residence
premises where the insured resides less any expenses that do not continue
while the premises is not inhabitable.
This section of a homeowners contract provides
personal liability coverage. It's comprised of Personal Liability and Medical
Payments to others.
Coverage is provided
to an insured under this section if a claim is made or a suit is brought
against the insured for damages due to a bodily injury or property damage
to others. The insurer will pay up to the limit of liability in damages
for which the insured is legally liable, and provide a defense at company
expense even if the suit is groundless, false or fraudulent. The basic
limit of liability provided by a homeowner contract is $100,000 under the
HO-91 program. This amount may be increased according to your needs.
Under this section
of coverage the company will pay necessary medical expenses incurred or
medically ascertained within three years from the date of an accident
bodily injury. Medical expenses means reasonable charges for medical, surgical,
X-ray, dental, ambulance, hospital, professional nursing, prosthetic devices,
and funeral services. This coverage does not apply to the insured or
regular residents of the household
except residential employees. The
basic limit of liability provided by this section of coverage is $1,000
per person. This amount may also be increased according to your needs.
* Please refer to your policy for specific details on coverage
and exclusion details.