Due on Tomorrow at 11:59 PM EDT 3. The coverages and limitations of the homeowne

Question

Due on Tomorrow at 11:59 PM EDT 3. The coverages and limitations of the homeowner's insurance policy Aa Aa E What Coverages Are Provided in a Homeowner's Policy? Homeowner's and renter's policies include a variety of coverage limits and exclusions. Not understanding their significance can be very costly To remedy this situation, a local insurance agent, Malika Moore, decided to offer an insurance-oriented game show on a local TV station. The show, called Know Your Policy, awards each contestant who successfully answers five questions and one bonus question his or her choice of a 50-inch LCD television or a $1,000 pre-paid debit card. Each contestant is also invited to switch his or her insurance business to Malika's insurance agency It is now your turn to appear on the show and demonstrate your knowledge of your homeowner's policy. The policy has the following current limits, provisions, and endorsements: Homeowner's Insurance Policy (HO-2) SectionI Part A: Dwelling Part B: Other structures Part C: Personal property Part D: Loss of use Section I deductible Section II Part E: Personal liability Part F: Medical payments to others Forms and Endorsements Replacement costs contents Jewelry and furs Earthquake and flood endorsements $200,000 $20,000 $100,000 $40,000 $500 $300,000 $1,000 2,500/ $5,000 Question 1 What is a The term used to describe the dollar amount of O Coinsurance clause a physical damage claim paid by the O Floater Type here to search

Explanation / Answer

Question 1 : Deductible

2: 25%, 10- 20% and 50% respectively

3: Install smoke and burglar alarms

4: as the policy has actual cash value coverage, the claim would be

Depreciation per year = $9000 for 12 years = $750 per annum

Accumulated depreciation for four years = $3,000

Depreciated value of the shed = $9000 - $3000 = $6,000 admissible claim

5. Decrease the Part E limit on your policy.

6. Add an inflation rider, increase the coverage on the dwelling to 100 percent of its replacement cost.

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