Saturday, April 27, 2019

In Depth Review of Homeowner Policy Term Paper Example | Topics and Well Written Essays - 2250 words

In Depth Review of Homeowner constitution - Term Paper ExampleIn Depth Review of Homeowner PolicyAs a indemnity holder myself, coverage differs from one policy to another. My homeowner policy covers for several things. It includes the physical quality damages. In section 1, coverage A of the policy, it states that it pays for a certain percentage of the structure of the home when physically damaged. Included in this section are the roofing, flooring, light fixtures, appliances, kitchen appliances and washers. The policy also covers for the structures that are part of the of import house but are considered extensions like the garage and fences however with a small percentage which is roughly 10 percent of the cost of the main structure insured. Additional living expenses during the peril of fire or lightning, windstorm or hail and explosions are cover too. This is when the owner seeks for a temporary lodging. It takes 20% reimbursement from the structural coverage of the propert y. My ain property is also covered but scrutinizing it shows some limitations. Jewelleries when not appraised and scheduled separately in a policy will not be all covered when stolen. The amount limit to be paid only is $1000 even if the value of the jewelleries is three times the limit. In addition the policy exercises the limit in the China wares, cash, and firearms when stolen. In this connection, it is always best to protect personal properties. According to William (2007) it is wise not to keep valuables in the bedroom because it is the most part of the house being searched by burglars. What is sincere in my policy is that it has an extra endorsement to cover for an expensive loss of personal belongings. However, if the insurance telephoner pays the stolen personal properties, it is going to price it with todays value and not the former price when you purchased that personal belonging before minus the depreciation value. However, to avail of these inclusions, the insurer ha s to make sure her policy has the wide of the mark form or the all peril coverage. Having this type of coverage would make the policy holder covered for everything with the exception of those within the exclusion of the policy. Most often, policyholders are tricked with this scheme where they believed there are no exceptions. amends companies are very tricky in their business that if there is no review done by the policyholder, he will fall into their trap. An example of this situation is the case of Ward Gen. Ins. Svcs. Inc. vs. Employers Fire Ins. Co. (CBS interactive, 2010) who went into hearing to engagement the payment of her loss regarding her data in the computer. The court found out that the loss was not include in the coverage because it was not a direct physical loss. Physical loss means significant existence that is tangible (Viau & Kwasniewski, 2001). To this effect, it is clear that the insurer has also to understand the languages used by the insurance companies. Th e understanding of the term physical loss in the policy is not in congruent to the definition of the insurance company thus fighting the dispute in court is a disappointment on the policy holder

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