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Notes about property insurance for NYS Real Estate Exam
Terminology
property insurance |
provides protection against most risks to property, such as fire, theft, and some weather damage |
monoline policy |
a policy containing single coverage part plus the common policy conditions & declarations |
package policy |
insurance policy that combines coverage from 2 or more types of insurance (such as property and liability) into 1 policy |
endorsement |
clause in insurance policy detailing an exemption/change in coverage |
liability insurance |
policy that covers civil liabilities to 3rd parties, arising from bodily injury, property damage, or other wrongs due to action or inaction of the insured |
actual cash value |
a method of valuing insured property (includes any type of depreciation) |
replacement cost |
normal cost of exact duplication of property as of certain date |
insurance deductible |
amt of expenses that must be paid out of pocket before insurer will pay any expenses |
umbrella policy |
policy that covers amts above those covered under 1 or more other primary policies, and which does not pay until the losses exceed a certain sum; also called excess insurance |
commercial policy |
covers bodily injury, property damage, physical injury, and advertising injury |
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6 Basic Coverages
A |
Dwelling coverage |
B |
other structures coverage (10% of A) |
C |
personal property coverage (70-75% of A) |
D |
loss of use |
E |
personal liability coverage |
F |
medical payments coverage |
Homeowner Policies and Tenant Policies in NY
HO-1 |
basic policy; standard insurance against perils |
HO-2 |
broad form policy |
HO-3 |
special form policy |
HO-5 |
comprehensive form |
HO-8 |
market value policy; w/cash value coverage |
HO-4 |
tenants or cooperative owners policies |
HO-6 |
condominium owners policies |
HO-3 is most widely used and covers all forms of loss except those specifically excluded
Missed/Unsure Questions
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Who may require you to obtain property insurance? mortgage lender
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What type of insurance professional searches the open market to find the best policy for his client? independent broker
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Which is the main coverage in any homeowner's policy? dwelling coverage
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