Which of the following statements is true with respect to Homeowners 3 policy and identity theft? Dogs: Follow all laws on the leash. Exposure to dog bites is a serious problem for insurance companies. Most have restrictions on the types of dogs they are willing to cover. Check with your producer if your business has any restrictions on the type of dog they want to cover. If you need or want to purchase home insurance, contact an insurance company or insurance producer (sometimes called a broker or agent) for coverage. The insurance company usually collects information about your home before issuing coverage. To provide you with an accurate offer, the manufacturer or company will usually need the following: Underwriting: The process of reviewing, accepting or rejecting insurance risks and classifying the selected risks to calculate the right premium for each. Please note that these optional coverages do not include all the optional coverages you may be able to purchase. It`s always best to talk to your agent about the coverages that best suit your needs. Your coverage limits, as well as additional notes added to the policy, will affect the amount of payment the insurance company may be exposed to as part of your insurance coverage.
Since the coverage ratio affects the price, you should work closely with your agent or business to purchase the appropriate level of coverage for your home and personal belongings. While you don`t want to be underinsured, you also don`t want to pay for levels of insurance you may not need. All of the following are considered insured locations for medical payments to others (Coverage F) under a home insurance policy, EXCEPT Which of the following statements regarding liability for ships under Section II of an unsubstantiated HO-3 policy is (are) true? Insurers may choose not to renew your policy or refuse to offer a policy as long as they provide reasonable notice and follow the criteria set out in Massachusetts insurance laws. Failure to renew a policy usually requires the business to notify the insured or their producer in writing 45 days before the policy expires. Which of the following is eligible for benefits under the medical payments to others (coverage F) of the home insurance policy? Flood insurance: Standard household contents insurance does not cover flood damage. Depending on where your home is in Massachusetts, you may be able to purchase flood insurance through the National Flood Insurance Program. Your producer or business can help you with flood cover application forms. If your home is in a floodplain, your lender will need flood insurance.
Just because your home isn`t in a designated floodplain doesn`t mean you`ll never have flood damage. For more information on federal flood insurance, you can contact your insurer or producer, or contact the National Flood Insurance Program at 1-800-638-6620. You should also be aware that some forms of personal property, such as silverware, computers, firearms, money, expensive antiques, and jewelry, have limited coverage under your home insurance policy and you may need additional insurance to protect them in the event of a loss. If you`re interested in coverage that goes beyond what`s covered by your home insurance coverage, you can review various optional coverage notes from your manufacturer or insurance company (see page 8 for a discussion of confirmation of personal ownership). Liability arising from which of the following points is covered by the confirmation of bodily injury for the home insurance policy? All of the following people are insured for personal liability under the home insurance policy, with the exception of Jane, who wants to save money on her homeowner`s premium. All of the following steps will help it reduce its owner`s premium, EXCEPT that you choose not only the type and overall limits of your coverage, but also the level of deductible up to which you are responsible for paying the cost of each claim. The higher the deductible you choose – and the higher the proportion of low-cost claims that fall under your responsibility rather than the insurer`s responsibility – the lower the premium you will have to pay. Almost all policies are issued with fixed deductibles, but some have percentage deductibles based on the general limits of the policy. Whether you are a homeowner or a tenant, there are different insurance packages available to protect your home and belongings. Which of the following statements about owner policy approval is (are) true? Tenant insurance: If you rent an apartment or house, you still have personal liability insurance and are responsible for insurance against damage to your personal belongings. Personal liability insurance protects tenants as it does if you were a homeowner. The owner of the building is responsible for the insurance of the building and the subscription of a civil liability insurance.
Liability limits usually start at around $100,000, but it`s a good idea to talk to your insurance professional if you should buy a higher level of coverage. If you have significant assets and want more coverage than is available under your home insurance policy, consider purchasing a roof or excess liability policy that offers broader coverage and higher liability limits. The structure of your house is called your apartment. The total coverage limit for apartments covers the cost of repairing or replacing the structure of your apartment. Coverage for other structures on your property – including sheds, barns, detached garages – is usually covered at 10% of the housing coverage limit. You should check with your insurance company or producer to make sure the amount of coverage is appropriate for your home as well as your other structures to cover a loss. All of the following are endorsements that can be added to an ISO Homeowners 3 policy, EXCEPT: Planned Personal Ownership Confirmation: This confirmation is sometimes referred to as a “Personal Items Float”. It includes goods such as jewelry, furs, stamps, coins, weapons, computers, antiques, silverware, fine art, and other items that may exceed the amount of coverage of your regular home insurance. A floating personal object lists each insured item, provides a description of the insured item, and lists the excluded hazards. It often offers broader coverage than home insurance coverage. There is usually no deductible for this coverage. Nevertheless, you should receive regular assessments of the properties covered by this confirmation at least once a year to ensure that you are insured at the appropriate level in the event of a loss.
Deductible: The amount a person must pay for covered services before the insurance company begins making payments. Policies may explicitly exclude coverage for certain events, including floods, earthquakes, or damage to poorly maintained real estate. Depending on where your home is located, you may be able to purchase flood insurance through the National Flood Insurance Program. Your producer or business can help you with flood cover application forms. Policy: A written insurance contract between an insurance company and a policyholder. Your policy also provides no-fault medical coverage on their part, so if a friend or neighbor gets injured in your home, he or she can simply file medical bills with your insurance company. This way, expenses can be paid without any liability claims being made against you. However, it does not pay your own family or pet`s medical bills.
Home insurance is available in a competitive market. Just like auto insurance, you can seek coverage from businesses in your area, and an insurance company may decide to deny your claim for coverage. However, you should be aware that under Massachusetts law, an insurance company cannot consider “your race, color, religious beliefs, national origin, gender, age, ancestry, sexual orientation, children, marital status, veteran status, your receipt of support or disability” when they decide to offer, renew or cancel home insurance. Which of the following would fall under Division II of a home insurance policy? Secondary Premises and Liability Coverage Endorsement: Homeowners` coverage under this endorsement applies to secondary premises, by . B a summer house. Keep in mind that these second homes are usually not covered by the homeowner`s insurance policy at your principal or principal residence. Liability insurance is usually extended from your principal residence. After reviewing the information, the insurance company uses its own standards, known as underwriting guidelines, to decide whether or not to get a policy and the price it would charge for any coverage it would offer. If an insurer decides to accept your claim, the manufacturer or company can issue you an insurance record, which is a legally binding statement that you have immediate protection for a certain period of time, while the company decides whether or not to issue you a policy. By purchasing the right insurance policy, you may be able to protect yourself from the financial costs of unforeseen losses such as fires and natural disasters, frozen pipes, or even burglaries. Without adequate protection, you could lose everything you`ve been working on. Insurance is designed to cover the cost of unexpected damage that is beyond your reasonable control.
It is not intended to pay for the planned repairs you will need to maintain your home, either by replacing worn roofs or taking appropriate precautions. .