Which Of The Following Homeowners’ Policies Is Best Suited To A Renter Of An Apartment?

Which homeowners policy is best suited for a resident of a rented apartment to cover that person’s personal property?

Which Homeowners ‘ policy is best suited for a resident of a rented apartment to cover that person’s personal property? The “other- insurance clause” helps prevent the violation of the principle of indemnity.

Which of the following homeowners forms covers tenants?

The HO-4 is the coverage form for tenants and renters. The HO-2 is the broad form of homeowners insurance. The HO-6 provides coverage for condominium owners and town home owners.

Which of the following is the most common type of homeowner’s insurance policies?

An HO-3 or special form policy is the most common type of homeowners insurance policy on the market, accounting for the vast majority of single-family home policies. HO-3s provide “all-risks” coverage for the dwelling and coverage against the aforementioned named perils for personal property.

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What is an ho9 insurance policy?

An HO2 policy is another basic homeowners insurance policy. It covers the 10 perils listed on an HO1 policy, and some additional perils, including falling objects, and weight of snow, sleet, or ice. In total, it covers 16 perils.

What is the best company for renters insurance?

The 8 Best Renters Insurance Providers of 2021

  • Best Overall: State Farm.
  • Runner-Up, Best Overall: MetLife.
  • Best Value: American Family Insurance.
  • Best One-Stop Insurance Shopping: Farmers.
  • Best for Collectibles: Nationwide.
  • Best for Home-Based Businesses: Toggle.
  • Easiest Claim Filing Service: Liberty Mutual.

What are the five basic areas of coverage on a homeowners insurance policy?

A standard policy includes four key types of coverage: dwelling, other structures, personal property and liability. If your home is damaged by a covered event, like strong winds, dwelling coverage can help pay to repair it.

What are the three main types of property insurance coverage?

There are three types of property insurance coverage: replacement cost, actual cash value, and extended replacement costs.

Which of the following defines a hazard?

A hazard is the potential for harm (physical or mental). In practical terms, a hazard often is associated with a condition or activity that, if left uncontrolled, can result in an injury or illness. Identifying hazards and eliminating or controlling them as early as possible will help prevent injuries and illnesses.

What are the six categories typically covered by homeowners insurance?

The levels of coverage you need for these six different areas are what your insurance company will base your premium calculations on.

  • Property Damage. This covers damage to your home, such as from fire, wind, or hail.
  • Additional Living Expenses.
  • Personal Liability.
  • Medical Payment Coverage.
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What are the 11 perils?

Basic form covers these 11 “ perils ” or causes of loss: Fire or Lightning, Smoke, Windstorm or Hail, Explosion, Riot or Civil Commotion, Aircraft (striking the property), Vehicles (striking the property), Glass Breakage, Vandalism & Malicious Mischief, Theft, and Volcanic Eruption.

What is the most common form of home and property insurance?

The most common type of homeowners insurance is the HO-3 Special Form policy, which covers your home, your personal property, liability, additional living expenses and medical payments.

How is actual cash value determined?

Actual cash value is computed by subtracting depreciation from replacement cost while depreciation is figured by establishing an expected lifetime of an item and determining what percentage of that life remains. This percentage, multiplied by the replacement cost, provides the actual cash value.

What type of property does a personal floaters policy cover?

Floater insurance is a type of insurance policy that covers personal property that is easily movable and provides additional coverage over what normal insurance policies do not. Also known as a “ personal property floater,” it can cover anything from jewelry and furs to expensive stereo equipment.

Which of these is covered by a specific type of insurance policy?

Specific type of insurance policy is a home insurance policy which includes all the 16 perils which are listed with the policy and is a basic policy in the market. A condominium insurance policy is often called walls-in coverage as it protects the individual unit.

What area is not protected by most homeowners insurance?

Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won’t be covered.

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