There are five sections to a homeowners policy
Dwelling
Other Structures
Personal Property
Loss of Use
Personal Liability
Additional Coverage
Dwelling
Dwelling coverage is the cost to replace the dwelling and anything attached.
Dwelling and other structures both have open peril coverage, which means the property is covered for any peril except for exclusions.
Covered Peril Examples:
Additional Coverage Included:
Exclusions that could be added:
Earth Movement (Earthquake, Mudslide, sinkhole)
Ordinances or law –
Flood
War and terrorism
Water Damage (Water backup of sewer, drains, or sump pump. Water seepage and leakage (Plumbing, washing machine, dishwasher)
Power Failure (Power outage
Exclusions:
Neglect
Intentional loss by insured or someone else at the insured’s direction
Excluded from insurance but may be assisted from the government:
Nuclear hazard
governmental action- destruction, confiscation, and seizure of property by government or public authority
Volcanic Activity
Fire
Lightening
Civil:
Explosion
Civil Commotion
Riot
Vandalism
Malicious mischief
Vehicle:
Vehicles Aviation
Additional Coverage:
Reasonable Repairs- Pays cost of repairs to protect the home from further damage from multiple/prolonged perils.
Debris Removal
Trees, Shrubs, and other plants
Weather:
Smoke
Wind and Hail Storms
Volcanic Activity
Fire
Lightening
Civil:
Explosion
Civil Commotion
Riot
Vandalism
Malicious mischief
Vehicle:
Vehicles Aviation
Weather
Coverage assumes H03 policy.
Other Structures
Other structures coverage is at least 10% of dwelling coverage.
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