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Homeowners Coverage
| This is only a sample of coverages available. You should always go over specific policy details with your agent or look at your declaration pages to determine the specifics of your insurance coverage. |
Dwelling
This amount of insurance applies to the dwelling and attached structures. The limit of insurance for the dwelling is based on the
value of the home and what it would cost to replace the home.
Other Structures
This coverage limit applies to detached structures such as a garage or storage shed. The limit of coverage is set at 10% of the
dwelling. The insured can purchase a higher limit.
Personal Property
Coverage C provides worldwide coverage for personal property of the insured. Special limits apply to some types of property,
and some property is excluded from coverage. The overall limit for coverage C is 50% of the dwelling limit. Coverage C can be
modified in several ways with endorsements.
Loss of Use
This coverage applies in the event of a loss under Coverage A. If the insured was to temporarily lose use of the dwelling this
coverage would apply. Payment would be made for expenses incurred to live elsewhere following a loss that makes the home
unsuitable for living. Another method used to determine payment for loss of use is fair rental value, which is the amount of rent
that could reasonably be charged for the premises, less any expenses that do not continue while the premises are unsuitable
for living.
Personal Liability
Section II of the homeowners policy provides liability coverage for personal loss exposures. The insuring agreement under
Coverage E provides liability coverage if a claim is made or suit is brought against an insured because of bodily injury or
property damage. Coverage is provided for the residence premise as well as any other premises used by the insured, as a
residence, permanently or temporarily. Liability coverage is provided for the named insured and members of the named
insured's household who are relatives. Personal liability has a basic limit of $100,000 per occurrence, which the insured may
increase for an additional premium. In addition to the basic limit, Coverage E also provides additional coverages for expenses
such as defense cost, expenses incurred providing first aid to others, damage to property of others and loss assessment
charges. The additional coverages provided under Section E are subject to limitations and certain conditions.
Medical Payments
This coverage will pay the necessary medical expenses for bodily injury of others. Coverage applies to accidents that occur on
the insured premises or any location when caused by action of the insured. The coverage has a basic limit of $1,000 per
person. The insured may select higher limits.
Endorsements
Inflation Guard Endorsement
When this endorsement is added to the policy, it increases the limit of coverage for A, B, C, and D. The insured selects the
percentage of increase for the year and the limits are automatically increased at certain dates throughout the year.
Earthquake Coverage Endorsement
Earthquake coverage is excluded under Section I of a homeowners policy. Adding this endorsement removes the exclusion and
adds earthquake coverage which is subject to a deductible for each coverage under Section I.
Increase Other Structures Limit
This endorsement increases the limit under coverage B, Other Structures. The limit for unattached structures on the residence
premise would be increased, and the increase would be in addition to the limit already provided.
Increase Special Limits
Certain types of personal property under Coverage C have special limits of liability. Adding this endorsement increases the limit
for those particular types of property.
Scheduled Personal Property
The scheduled personal property endorsement is used to provide coverage for risk of direct loss for such items as jewelry, furs,
cameras, musical instruments, silverware, golfer's equipment, fine arts, postage stamps and rare coins. Scheduled property can
be insured for any amount the insured requires.
Personal Property Replacement Cost
Property loss settlements under the homeowners policy are made on an actual cash value basis. When the replacement cost
endorsement is added, the loss settlement payment would be sufficient to replace the item for the cost at the time of loss without
deductions for depreciation.
Condo-Owners Coverage Description
An insured can only qualify by being an owner occupant of a residential condominium unit or a cooperative apartment. The
insured premises is defined as the unit where the insured resides, and can not be used to insure a unit owned by the insured
but rented or leased to others. The condominium unit is defined as the space between the walls, ceiling and floor. Sometimes
unit owners are responsible for parts of the unit beyond the walls, ceiling and floor. Condominium unit owners also have an
undivided interest with other unit owners in common areas of property. Common areas of property could include the land,
stairways, halls, parking and storage areas, and the heating and cooling system. The unit owner's responsibilities are usually
outlined in the condominium agreement and bylaws. The major loss exposures for unit owners are loss to real property, loss to
personal property, and legal liability.
Dwelling
This coverage applies to the insured's real property, which is the unit. Coverage is provided on a named perils basis and is
separated into four categories.
The first category includes alterations, appliances, fixtures, and improvements that are part of the building and contained within
the residence premises such as built-in appliances and cabinets, electrical fixtures, and similar items of this nature.
The second category relates to items of real property that pertain exclusively to the residence premises, such as exterior glass
or trees and shrubs that may be located on a patio that is part of the residence premises.
The third category includes property that is the responsibility of the unit owner to insure under an agreement of the association
of property owners. Insurance for this category of property provides coverage for any portion of the common areas of the
building that the association agreement states are the responsibility of the unit owner.
The final category of property relates to structures owned solely by the insured at the location of the residence premises, but
are not a part of the residence premises. This category could include a private garage that was not attached to the residence
premises but located elsewhere in the condominium complex.
The basic limit of liability under coverage A is $1,000, which can be increased if necessary. If the association or cooperative
insurance policy is written on a bare walls basis, then the unit owner would have to provide coverage for the entire interior of the
unit. It is important for the unit owner to review the condominium or cooperative association's coverage to determine if the basic
limit for Coverage A of the H0-6 policy is adequate.
Personal Property
This coverage limit applies to the personal property of the unit owner. The limit of insurance is selected by the unit owner. The
unit owner's personal property may include such items as furniture, clothing, television and stereo equipment, books, records
compact discs and tapes. It could also include any items not considered part of the building structure. Items such as carpeting, if
placed over finished flooring, would be considered personal property, but carpeting placed wall to wall over a rough subfloor or
concrete slab is usually considered part of the building.
Loss of Use
This coverage is provided if a loss is caused by an insured peril to covered property or to the building containing the property, if
it makes the residence premises unfit to live in. The limit of insurance is 40 percent of Coverage C limit.
Personal Liability
This provides coverage if a claim is made or suit is brought against the insured because of bodily injury or property damage
caused by a covered occurrence. Personal liability has a basic limit of $100,000 per occurrence, which can be increased for an
additional premium.
Medical Payments
This coverage will pay the necessary medical expenses that are incurred or medically ascertained within three years from the
date of an accident causing bodily injury to someone other than an insured. Coverage applies to accidents that occur on the
insured premises, or any location, when caused by action of the insured.
Endorsements
Unit Owners: Special Coverages (A)
This endorsement can be used to change Coverage A of the HO-6 to provide coverage for risk of direct loss. When this
endorsement is used, all direct loss to real property, which is the unit, is covered unless specifically excluded.
Unit Owners: Rental to Others
This endorsement provides property and liability coverage for the unit owner while the residence premises is regularly rented or
held for rental to others. Theft coverage is provided for personal property at a rented condominium, however, high value items
are not covered. Coverage for medical payments are also included.
Loss Assessment Coverage
This endorsement increases the limit of liability for the loss assessment coverage provided in the policy.
Loss Assessment Coverage for Earthquake
This endorsement provides coverage for loss assessment made against the unit owner by a corporation or association of
property owners due to the peril of earthquake.
Unit Owners: Special Coverage (C)
The H0-6 provides coverage on a named-peril basis, when this endorsement is added, Coverage C is changed to provide
coverage for all direct loss to personal property unless specifically excluded.
Inland Marine Coverages
An inland marine policy provides coverage for property transported from one place to another, goods in transit, bridges,
tunnels, television broadcasting towers and other means of transportation and communication. Inland marine insurance also
includes various floater policies that provide coverage for personal property. An inland marine floater policy is used to provide
coverage that floats or moves along with the covered property as it changes locations. There are no standard inland marine
floater policies, however, most floater policies share the following four characteristics: (1) The coverage can be tailored in order
to insure a specific type of property for the insured. (2) The insured can select the appropriate policy limit for the property. (3)
Floaters are typically written on an all risk basis which means all direct physical losses to property are covered, except for
specially excluded losses. (4) Most floaters cover the property anywhere in the world, however, fine arts are usually covered
only in the United States. The following is a brief explanation of the inland marine personal articles floater.
An inland marine personal articles floater is used to insure valuable personal property that often requires broader coverage
than that provided by an insured's homeowner policy, due to the various exclusions and limitations on homeowners coverages.
The personal articles floater can be used to insure the following nine optional classes of personal property.
Jewelry Fine Arts Musical Instruments Stamps and Coin Collections
Furs Cameras Silverware Golfers Equipment
This amount of insurance applies to the dwelling and attached structures. The limit of insurance for the dwelling is based on the
value of the home and what it would cost to replace the home.
Other Structures
This coverage limit applies to detached structures such as a garage or storage shed. The limit of coverage is set at 10% of the
dwelling. The insured can purchase a higher limit.
Personal Property
Coverage C provides worldwide coverage for personal property of the insured. Special limits apply to some types of property,
and some property is excluded from coverage. The overall limit for coverage C is 50% of the dwelling limit. Coverage C can be
modified in several ways with endorsements.
Loss of Use
This coverage applies in the event of a loss under Coverage A. If the insured was to temporarily lose use of the dwelling this
coverage would apply. Payment would be made for expenses incurred to live elsewhere following a loss that makes the home
unsuitable for living. Another method used to determine payment for loss of use is fair rental value, which is the amount of rent
that could reasonably be charged for the premises, less any expenses that do not continue while the premises are unsuitable
for living.
Personal Liability
Section II of the homeowners policy provides liability coverage for personal loss exposures. The insuring agreement under
Coverage E provides liability coverage if a claim is made or suit is brought against an insured because of bodily injury or
property damage. Coverage is provided for the residence premise as well as any other premises used by the insured, as a
residence, permanently or temporarily. Liability coverage is provided for the named insured and members of the named
insured's household who are relatives. Personal liability has a basic limit of $100,000 per occurrence, which the insured may
increase for an additional premium. In addition to the basic limit, Coverage E also provides additional coverages for expenses
such as defense cost, expenses incurred providing first aid to others, damage to property of others and loss assessment
charges. The additional coverages provided under Section E are subject to limitations and certain conditions.
Medical Payments
This coverage will pay the necessary medical expenses for bodily injury of others. Coverage applies to accidents that occur on
the insured premises or any location when caused by action of the insured. The coverage has a basic limit of $1,000 per
person. The insured may select higher limits.
Endorsements
Inflation Guard Endorsement
When this endorsement is added to the policy, it increases the limit of coverage for A, B, C, and D. The insured selects the
percentage of increase for the year and the limits are automatically increased at certain dates throughout the year.
Earthquake Coverage Endorsement
Earthquake coverage is excluded under Section I of a homeowners policy. Adding this endorsement removes the exclusion and
adds earthquake coverage which is subject to a deductible for each coverage under Section I.
Increase Other Structures Limit
This endorsement increases the limit under coverage B, Other Structures. The limit for unattached structures on the residence
premise would be increased, and the increase would be in addition to the limit already provided.
Increase Special Limits
Certain types of personal property under Coverage C have special limits of liability. Adding this endorsement increases the limit
for those particular types of property.
Scheduled Personal Property
The scheduled personal property endorsement is used to provide coverage for risk of direct loss for such items as jewelry, furs,
cameras, musical instruments, silverware, golfer's equipment, fine arts, postage stamps and rare coins. Scheduled property can
be insured for any amount the insured requires.
Personal Property Replacement Cost
Property loss settlements under the homeowners policy are made on an actual cash value basis. When the replacement cost
endorsement is added, the loss settlement payment would be sufficient to replace the item for the cost at the time of loss without
deductions for depreciation.
Condo-Owners Coverage Description
An insured can only qualify by being an owner occupant of a residential condominium unit or a cooperative apartment. The
insured premises is defined as the unit where the insured resides, and can not be used to insure a unit owned by the insured
but rented or leased to others. The condominium unit is defined as the space between the walls, ceiling and floor. Sometimes
unit owners are responsible for parts of the unit beyond the walls, ceiling and floor. Condominium unit owners also have an
undivided interest with other unit owners in common areas of property. Common areas of property could include the land,
stairways, halls, parking and storage areas, and the heating and cooling system. The unit owner's responsibilities are usually
outlined in the condominium agreement and bylaws. The major loss exposures for unit owners are loss to real property, loss to
personal property, and legal liability.
Dwelling
This coverage applies to the insured's real property, which is the unit. Coverage is provided on a named perils basis and is
separated into four categories.
The first category includes alterations, appliances, fixtures, and improvements that are part of the building and contained within
the residence premises such as built-in appliances and cabinets, electrical fixtures, and similar items of this nature.
The second category relates to items of real property that pertain exclusively to the residence premises, such as exterior glass
or trees and shrubs that may be located on a patio that is part of the residence premises.
The third category includes property that is the responsibility of the unit owner to insure under an agreement of the association
of property owners. Insurance for this category of property provides coverage for any portion of the common areas of the
building that the association agreement states are the responsibility of the unit owner.
The final category of property relates to structures owned solely by the insured at the location of the residence premises, but
are not a part of the residence premises. This category could include a private garage that was not attached to the residence
premises but located elsewhere in the condominium complex.
The basic limit of liability under coverage A is $1,000, which can be increased if necessary. If the association or cooperative
insurance policy is written on a bare walls basis, then the unit owner would have to provide coverage for the entire interior of the
unit. It is important for the unit owner to review the condominium or cooperative association's coverage to determine if the basic
limit for Coverage A of the H0-6 policy is adequate.
Personal Property
This coverage limit applies to the personal property of the unit owner. The limit of insurance is selected by the unit owner. The
unit owner's personal property may include such items as furniture, clothing, television and stereo equipment, books, records
compact discs and tapes. It could also include any items not considered part of the building structure. Items such as carpeting, if
placed over finished flooring, would be considered personal property, but carpeting placed wall to wall over a rough subfloor or
concrete slab is usually considered part of the building.
Loss of Use
This coverage is provided if a loss is caused by an insured peril to covered property or to the building containing the property, if
it makes the residence premises unfit to live in. The limit of insurance is 40 percent of Coverage C limit.
Personal Liability
This provides coverage if a claim is made or suit is brought against the insured because of bodily injury or property damage
caused by a covered occurrence. Personal liability has a basic limit of $100,000 per occurrence, which can be increased for an
additional premium.
Medical Payments
This coverage will pay the necessary medical expenses that are incurred or medically ascertained within three years from the
date of an accident causing bodily injury to someone other than an insured. Coverage applies to accidents that occur on the
insured premises, or any location, when caused by action of the insured.
Endorsements
Unit Owners: Special Coverages (A)
This endorsement can be used to change Coverage A of the HO-6 to provide coverage for risk of direct loss. When this
endorsement is used, all direct loss to real property, which is the unit, is covered unless specifically excluded.
Unit Owners: Rental to Others
This endorsement provides property and liability coverage for the unit owner while the residence premises is regularly rented or
held for rental to others. Theft coverage is provided for personal property at a rented condominium, however, high value items
are not covered. Coverage for medical payments are also included.
Loss Assessment Coverage
This endorsement increases the limit of liability for the loss assessment coverage provided in the policy.
Loss Assessment Coverage for Earthquake
This endorsement provides coverage for loss assessment made against the unit owner by a corporation or association of
property owners due to the peril of earthquake.
Unit Owners: Special Coverage (C)
The H0-6 provides coverage on a named-peril basis, when this endorsement is added, Coverage C is changed to provide
coverage for all direct loss to personal property unless specifically excluded.
Inland Marine Coverages
An inland marine policy provides coverage for property transported from one place to another, goods in transit, bridges,
tunnels, television broadcasting towers and other means of transportation and communication. Inland marine insurance also
includes various floater policies that provide coverage for personal property. An inland marine floater policy is used to provide
coverage that floats or moves along with the covered property as it changes locations. There are no standard inland marine
floater policies, however, most floater policies share the following four characteristics: (1) The coverage can be tailored in order
to insure a specific type of property for the insured. (2) The insured can select the appropriate policy limit for the property. (3)
Floaters are typically written on an all risk basis which means all direct physical losses to property are covered, except for
specially excluded losses. (4) Most floaters cover the property anywhere in the world, however, fine arts are usually covered
only in the United States. The following is a brief explanation of the inland marine personal articles floater.
An inland marine personal articles floater is used to insure valuable personal property that often requires broader coverage
than that provided by an insured's homeowner policy, due to the various exclusions and limitations on homeowners coverages.
The personal articles floater can be used to insure the following nine optional classes of personal property.
Jewelry Fine Arts Musical Instruments Stamps and Coin Collections
Furs Cameras Silverware Golfers Equipment
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Carlson, Mikuzis and Taylor, Inc.