Section II of a typical homeowners policy contains a provision whereby your insurance company agrees to defend and indemnify you for damages you become liable to pay a third-party for certain “bodily injury” or “property damage” that results from an “occurrence.”
What are the sections of a homeowners policy?
Generally, a homeowners insurance policy includes at least six different coverage parts. The names of the parts may vary by insurance company, but they typically are referred to as Dwelling, Other Structures, Personal Property, Loss of Use, Personal Liability and Medical Payments coverages .
Which coverage is not provided under section 2 of a homeowners policy?
Section 2 Exclusions
For instance, motor vehicles are generally not covered, nor is watercraft, aircraft, and hovercraft liability covered, except under specific conditions. Intentional torts are not covered. Liability for business activities and professional services are generally not covered.
Which accident would be covered by Section II of a homeowners policy?
Section II provides coverage for “bodily injury” and “property damage ,” but not coverage for “personal injury,” which includes acts such as libel, slander and false arrest among others. You can add an endorsement, Personal Injury (HO 24 82 10 00) to the Homeowners Policy to add coverage for personal injury claims.
Which statement is true concerning Section II of a homeowners policy?
Which statement is true concerning Section II of a Homeowners Policy? 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.
What is Coverage A on a homeowners policy?
“Coverage A” on a Homeowners insurance policy covers damage to your home's structure . Your independent agent can help you determine your Coverage A, but here are some things to bear in mind when preparing for that discussion. Coverage A must cover the cost of rebuilding your home at current construction costs.
What are the three major parts of a homeowners policy?
Homeowners insurance policies generally cover destruction and damage to a residence's interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value .
How do you read a homeowners policy?
- Insurance company: The name of your insurance provider.
- Named insured: Holder of the policy.
- Policy number: This unique policy number is needed anytime you file a claim.
- Policy period: Lists the start and end dates of your policy.
Which area is not protected by most homeowners insurance?
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won't be covered.
What are the basic limits under Section II of a homeowners policy?
Under Section II of a standard homeowners policy, your insurance company will cover your liability to third-persons for certain bodily injury or property damage claims .
What is Section II liability?
(a) “accident” means an accident involving a fortuitous or sudden or unintended occurrence while handling any hazardous substance resulting in continuous or intermittent or repeated exposure to death of, or injury to, any person or damage to any property but does not include an accident by reason only of war or radio- ...
What is covered by an unendorsed homeowners policy?
(ISO), homeowners forms portfolio, the HO 3 insures the described owner-occupied dwelling, private structures in connection with the dwelling, unscheduled personal property on and away from the premises, and loss of use . Personal liability coverage and medical payments coverage are also provided by this policy.
What does section 1 of a homeowners policy cover?
The initial section of Section I of the standard homeowners insurance policy simply clarifies what is and what is not covered by the insurance carrier. It summarizes the type of property coverage, the covered causes of loss (i.e. lightning, fire, windstorm), and lists exclusions to coverage .
Is an HO3 policy all risk?
An HO3 policy is the one of the most common types of home insurance. The coverage is written on an open-perils basis for your home and other structures, which means it can cover any risks except for those specifically excluded in the policy.
Which is true of the special dwelling forms?
Which is true of the Special Dwelling Forms? Rationale: Cracking of walls and theft are exclusions to this policy . Furthermore, losses to the dwelling are paid on a replacement cost basis, while the contents are paid on an actual cash value basis.
Does homeowners insurance cover property and liability protection?
The quick answer is yes , homeowners insurance gives you both property and liability protection.
