Which of the following is not covered by basic property insurance? (2024)

Which of the following is not covered by basic property 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.

Which of the following is typically not covered in a basic homeowner's insurance policy?

The most common exclusions to a homeowners insurance policy are related to large-scale disasters, such as floods or war; damage due to negligence or normal wear and tear; and inherently risky items, such as trampolines. But you can buy additional coverage to protect those things.

Which one of the following is not covered by homeowners insurance?

Standard homeowners insurance does NOT cover damage caused by flooding, earthquakes, termites, mold, or normal wear and tear.

What do most basic homeowners policies do not provide coverage for?

Standard homeowners policies do not cover flooding, earthquakes or poor maintenance. Flood coverage is provided by the federal government's National Flood Insurance Program, although it is purchased from an insurance agent. Earthquake coverage is available either in the form of an endorsem*nt or as a separate policy.

Which of the following is never a component of basic home insurance?

Standard homeowners insurance usually doesn't cover damage caused by floods. Earthquake damage is typically excluded from standard homeowners insurance policies. While some policies include limited coverage for sudden and accidental sinkhole damage, extensive or gradual sinkhole damage is often excluded as well.

Which of the following is not included in property insurance coverage?

Most catastrophes are covered. For example, wind damage from hurricanes or tornadoes is covered as a windstorm peril. But, flood damage and earthquake damage are NOT covered by a standard homeowners policy.

Which of the following is not part of an insurance?

The functions of insurance are risk sharing, assisting in capital formation, economic progress, etc. Lending of funds is not a function of insurance.

Which one is not protected by most homeowners insurance?

What does homeowners insurance not cover quizlet?

Typical homeowners insurance policies offer coverage for damage caused by fires, lightning strikes, windstorms and hail. But, it's important to know that not all natural disasters are covered by homeowners insurance. For example, damage caused by earthquakes and floods are not typically covered by homeowners insurance.

What do homeowners policies not provide coverage for quizlet?

Homeowners policies don't provide coverage for: flood damage. liability in the case of third party injury. damage to outbuildings.

What is the basic coverage of a homeowners policy?

This covers things inside your home like furniture, clothes, sports equipment, and other personal items that are stolen or destroyed by fire, hurricane, or other insured disasters. The coverage is generally 50 to 70 percent of the insurance you have on the structure of the house.

What is the most common basic homeowners insurance policy?

The most common type of homeowners insurance policy is the standard HO-3 Special Form policy. HO-5 policies offer the broadest coverage of all policy types. Open peril coverage means losses are covered unless specifically excluded, while named peril coverage means only named loss types are covered.

What two basic types of coverage does homeowners insurance provide?

The HO-3 policy provides suitable coverage for most homeowners and is the most common home insurance policy type. It covers your house and belongings and includes coverage for liability, medical payments to others and additional living expenses.

What are the six categories typically covered by homeowners insurance?

Generally, a homeowners insurance policy includes at least six different coverage parts. The names of the parts may vary by insurance company, but they typically are referred to as Dwelling, Other Structures, Personal Property, Loss of Use, Personal Liability and Medical Payments coverages.

What is included in a property insurance policy?

Property insurance is a type of insurance policy that can provide coverage for property owners or renters. Examples of property insurance include homeowners, renters, and flood insurance policies. These policies can provide coverage for damages caused by fire, flooding, theft, weather, and other risks.

What are some items typically excluded from property insurance?

Which is not a type of property and casualty insurance?

Types of P&C insurance are homeowners insurance, condo insurance, co-op insurance, HO4 insurance, liability insurance, pet insurance, and car insurance. P&C insurance does not include other types of insurance coverage such as life insurance, health insurance, and fire insurance.

Which of the following is not a type of life insurance?

From the given alternatives term isurance is not a type of life insurance product.

Which of the following is not a true of insurance?

Expert-Verified Answer

The statement which is not true about insurance company is They are non-financial banking institutions. So, the correct option is (C).

What are the three main types of property insurance coverage?

Understanding Property Insurance

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

Who is not eligible for a homeowners policy?

Living in a high-risk location, having hazardous home features, home maintenance issues, your home's history of insurance claims, and more can be reasons an insurance company may determine a house to be uninsurable.

What types of insurance are not recommended?

Which of the following homeowners coverages does not have a deductible?

Homeowners Liability Coverage

Unlike the other types of coverage in your policy, liability insurance doesn't have a deductible that you must pay for out-of-pocket before your insurance company begins paying losses.

Which of the following does not affect your property insurance premiums?

Final answer: The age of the property owner does not affect the property insurance premium.

Which statement about homeowners insurance is true?

The statement about homeowners insurance that is true is:

Homeowners insurance policies vary in terms of premiums and deductibles. Premiums are the monthly payments made to the insurance company, while deductibles are the amount the policyholder must pay out of pocket before the insurance company covers any losses.