January 26th, 2012 | 
Author: I’m looking for some practice questions before I take my exam. Does anyone know a free website that has property & casualty Ins. questions.
Thanks in advance for any help!
Here are two, the first one on each site is free:
http://candidate.psiexams.com/practicetest/practicetest_selectindustry.jsp
http://www.insurance-schools.com/free_Insurance_exam.asp
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Whether you already have a homeowners insurance policy or you are looking for the right one for you, do you know what is in the typical policy and what that coverage means? If not, you’re not alone. A lot of people have no idea what their insurance really covers. Unfortunately, many find out the hard way that things they though were covered are not.
Basic Insurance
What do you think your basic home insurance policy covers? Everything that could possibly happen to your home? Not quite. While many of the things you would expect to be covered by your homeowners insurance, like fire or theft damage, will be covered by the policy, there are other things you may think would be covered that aren’t.
Windstorm Insurance
Many people who live in hurricane prone areas think their typical homeowners insurance will cover the price of repairing their home if they are the victim of a hurricane. However, many of the insurance companies that serve these areas insist that you have additional windstorm damage tacked on if you want to be covered for a hurricane.
Flood Insurance
What if your home were to flood? Think your regular home insurance will cover it? Not if you don’t have flood insurance. Flood insurance is almost always an additional coverage you have to tack on to your basic insurance policy. Even if you think your home is built high enough that it will not flood, consider what would happen if sewage was to back up into your home or rain poured in and damaged your home after a storm. Without Flood Insurance, you would be out of luck.
Earthquake
Do you live in an area where there are a lot of earthquakes? You want to make sure you have earthquake insurance to pay for any damage done to your home in the case of this type of natural disaster. Many insurance policies include earthquake damage, but not all of them. You should always double check if you live in an area that is prone to quakes.
The most important thing to keep in mind when you are purchasing Homeowners Insurance is that it is something that you need to make sure is done right before a disaster strikes. Otherwise, you may find yourself with a lot of damage to your home and without the money to repair your home and reclaim your life.
Stephen Sikes
Most people identify their home as their largest asset. Home insurance provides a way to protect this financial investment.
What is home insurance?
Home insurance is a legal agreement between an Insurance company and its policyholder. Insurer promises the policyholder financial protection for covered losses associated with owning a home. Policyholder agrees to pay a premium in return for this financial protection.
Homeowners improve their insurance options when they…
- Take care of the property. The homeowner is responsible for routine maintenance and repair – not the insurance company. Seek assistance/advice from a local housing organization or insurance agent if necessary.
- Prevent losses. Identify and correct hazards that increase the likelihood of property damage (i.e. replace frayed electrical cords, proper storage of flammable materials) and injury to others (i.e. repair broken steps, clear impassable walkways).
- Show financial responsibility. Statistics show those with good credit have fewer claims. In turn they pay less for insurance and have more options.
- Property losses covered by homeowners insurance…
Policies vary in the kinds of property losses they cover. Insurers identify “perils,” or causes of loss that describe when property damage is covered.
Covered perils are identified and explained in the homeowners insurance policy.
Common homeowners insurance policies…
Insurers combine coverages for dwelling, other on-premise structures, personal property, additional living expense, and liability into one package.
There are different policy packages (called coverage forms) with varying levels of property coverage.
Homeowners 2 (Broad Form) and Homeowners 3 (Special Form) are the most common homeowners insurance policy coverage forms.
Some insurers use these generic terms to describe their policies. Others come up with their own names.
Homeowners 2 (Broad Form)
Covers dwelling, other structures, and personal property for losses caused by:
Fire Lightning Windstorm
Hail Explosion Riot/Civil Commotion
Aircraft Smoke Non-owned Vehicle
Vandals Burglary Glass Breakage
Robbery and Theft
Volcanic Eruption
Damage from Falling Objects
Weight of ice, snow, sleet
Sudden & accidental tearing apart, cracking, burning or bulging of a steam of hot water heating system
Accidental discharge, leaking or overflow of water or steam from within a plumbing, heating or air conditioning systems or domestic appliances
Sudden & accidental injury from artificially generated currents to electrical appliances, devices, fixtures and wiring.
Homeowners 3 (Special Form)
Broadens coverage to “open perils” for dwelling and other structures. An “open perils” policy covers all causes of loss except those specifically excluded.
Personal property is covered for HO-2 perils.
Additional living expense coverage is included.
Homeowners Insurance provides personal liability coverage too…
In addition to property coverage, the HO2 and HO3 homeowners package policies include personal liability protection and coverage for medical payments to others.
Liability coverage protects you when you, other members of your household, or your pets are legally responsible for injury to others or damage to their property. If necessary, liability coverage will also pay for a lawyer to defend you.
Read more on auto and home insurance: http://www.autoandhomeinsurance.org
Mike Anderson