Types Of Home Insurance Claims - Different Perils Claims

Types Of Home Insurance ClaimsThis post is continuing from previous postHome Business Insurance Coverage Endorsement - Named Perils Polices10. Falling Objects You might think for a moment, that sounds like a rather odd peril. What might a loss caused by a falling object entail? They are actually more common than you might expect. For example, if you live below a hillside with rocky soil, under the influence of heavy rains, a large rock might dislodge from the hillside and roll downhill, striking your residence. The damage resulting from that descent is clearly fortuitous and would be covered. 11. Weight of Ice, Snow, or SleetThis peril...

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Posted in Types Of Home Insurance Claims

Home Business Insurance Coverage Endorsement - Named Perils Policies

Home Business Insurance Coverage EndorsementNamed Perils Policies Most all-risk homeowners policies are just sort of all-risk, because their coverage for contents/personal property is named perils coverage. There are exceptions, however. The personal property/contents coverage of some carriers' policies is all-risk coverage. This is an example of how an insurer may seek to compete with other insurers, including direct writers, by offering broader coverages at a comparable price.It is differences like this that make comparison-shopping between homeowners policies of various companies difficult unless you have taken the time and trouble to...

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Posted in Home Business Insurance Coverage Endorsement

Vacant Home Insurance - No Coverage

Vacant Home InsuranceUnder the standard ISO HO 3 homeowners policy, certain categories of personal property receive no coverage. These are:articles separately described and specifically insured, regardless of the limit for which they are insured under any other insurance (to avoid double recovery);animals, birds, or fish;motor vehicles and accessories, equipment, or parts while they are in or on the motor vehicle;aircraft (not including model or hobby aircraft not intended to carry people or cargo);hovercraft, flare-craft, and air-cushion vehicles;property of roomers, boarders, or other tenants, excepting property of roomers or boarders who are...

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Posted in Vacant Home Insurance

House Insurance Rate - Covered Property

House Insurance RateAnswering what is covered property is generally easy. It will be set forth in your policy. As to the dwelling and other structures (some policies use the term separate structures) portion of the ISO HO 3 policy, the policy does not cover land - including the land on which the dwelling or other structures are located. Under the other structures coverage, other structures that are rented or held for rental to any person who is not a tenant of the dwelling are not covered. There is an exception to this provision for other structures rented for use solely as a private garage.Nor does the other structures coverage apply to...

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Posted in House Insurance Rate

Home Owners Insurance Policies - Property Coverages Under Homeowners Policies

Home Owners Insurance PoliciesFirst-party property coverages provide for indemnification to the insured, for damage to or destruction of covered property by an insured peril. There are several concepts set forth in the previous sentence. First, there is the concept of insured capacity. In order to be entitled to payment under the first-party property coverages of a homeowners, condominium owners, townhouse owners, or tenants' policy, the person seeking payment must qualify as an insured.Second, there is the concept of insurable interest. In order to be entitled to payment under the property coverages of a homeowners policy, the person seeking...

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Posted in Home Owners Insurance Policies