CIC Personal Lines - Residential Questions With 100% Correct Answers.

Homeowners "Insured" - - You - Residents who are: a) Relatives b) <21 and in your care -Full time student: a) <24 and relative b) <21 and in your care Coverage B - What's Covered? - Other Structures - Things on residence premises not attached to building, or connected only by fence, wire, wall - Not for business use - Not rented,unless only as a garage Perils Not Insured by HO-3 for A and B - - Collapse - Freezing of plumbing, due to neglect - Freezing/weight of water on pool, fences, patio - Theft in residence under construction - Vandalism if vacant > 60 days - Mold unless hidden and resulting from accidental overflow of water - Wear and tear - Smoke from industry - Pollution - Settling, cracking, bulging of floors - Birds, rodents, insects - Nesting/infestation/waste of animals - Animals owned/kept by insured* BUT all ensuing water damage is covered Homeowners "Business" Exceptions - 1. Make < $2000/year 2. Volunteer Activities 3. Home day care, but no $ earned 4. Home day care, with $ earned, for relatives Homeowners Coverage D - Loss of Use 1. Additional Living Expense - necessary increase to maintain normal standard of living 2. Fair Rental Value 3. Civil Authority - if they prohibit use of premises due to damage to neighboring premises (up to 2 weeks) Amount: 30% of A (if the reason is a covered loss) HO-3 vs HO-5 - HO-3: Dwelling/Structures: Open Perils Personal Property: Named Perils HO-5: Dwelling/Structures: Open Perils Personal Property: Open Perils (often used w/ wealthy houses) Homeowner's Additional Coverages - 1.Debris Removal -up to 5% of C - also $500/tree, $1000/total 2. Reasonable Repairs-ex. buying tarp to prevent further damage from hole in roof 3.Trees/Shrubs/Plants/Lawn -5% of A, max $500/plant - fire, theft, vandalism, aircraft 4. Property removed to protect from damage 5. Credit cards - $500 for loss resulting from theft 6.Loss Assessment - H.O.A. splitting cost to each household, <$1000 7.Collapse: abrupt 8. Glass 9. Landlord's furnishings 10.Ordiance/Law: 10% of A 11. Grave markers, $5000 Property not covered by Homeowners Coverage C -1.Specifically scheduled items 2. Motor Vehicles, except: -Solely to service Residence -For handicapped 3.Business Data 4. Credit Cards 5. Water/Steam What % of Replacement Cost to the Building must you carry? - 80%