State Farm Property Questions and Correct Answers

power interruption ~~covers accidental direct physical loss caused directly or indirectly by a change in temperature from power loss that takes place on residence premises Refrigerated products ~~covers contents of fridge and freezer for loss due to power failure void if , insured did not try to save items from further damage, removal or plug from outlet occurred, electric switch was turned off coverage does not increase the limit applying to the damaged property arson reward ~~pays up to $1,000 for info that leads to an arson conviction in connection with a fire loss to property covered in this policy - payable amount does not change per amount of informants Volcanic action ~~A cause of loss involving lava flow, ash, dust, particulate matter, airborne volcanic blast, or airborne shock waves resulting from a volcanic eruption. One of more volcanic eruptions within a 72 hour period count as ONE volcanic eruption Locks coverage ~~paying the reasonable expenses to re-key locks on exterior doors when they are part of a covered theft loss No deductible applies to this coverage Inflation Coverage ~~endorsement to a homeowner's policy that automatically adjusts the amount of insurance to compensate for inflationary rises in the home's value. This type of coverage does not adjust for increases in the home's value due to improvements. Section 1 - Losses Insured ~~Fire or Lightning Windstorm or Hail Explosion Riot Aircrafts Vehicle impact Smoke Damage Vandalism Theft ( Does not include precious stones) Optional Policy Provisions ~~Added at the request of the insured Require additional premium Used to -Increase limits on property subject limits of liability and limitations -Broaden coverage policy -Obtain accidental direct physical loss coverage on property that was subject to named peril coverage ACV Formula ~~RCV (minus) Depreciation = Depreciation formula ~~Age of Item (divided by) Life Expectancy of the item = RCV ~~The cost to repair or replace property using new materials NO Deduction for depreciation