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

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

Typically, damage caused by floods and earthquakes is not covered by basic homeowners insurance policies. Optional homeowners insurance coverages and policies may be available to cover damage due to these additional threats.

What is not covered by property insurance?

Policies exclude damage from earthquakes, landslides, mudflows, mudslides, shock waves, sinkholes, tremors, volcanic eruptions or other ground movements. However, earth movement-related explosions or fire damage are covered.

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

Earthquake, flood, mold, earth movement, and “wear and tear” are some of the perils that are usually excluded. When an insurer writes your homeowners coverage, the insurer is legally obligated to offer you earthquake coverage for an additional premium.

Which of the following is typically not insured under property?

Final answer:

Pets are typically not insured under property insurance policies.

Which of the following is not of insurance?

The lending of funds is not a function of insurance.

Which of the following coverage is a property insurance coverage?

Property insurance includes homeowners insurance, renters insurance, flood insurance, and earthquake insurance.

Which of the following property is covered under the personal property coverage?

Personal property includes things like furniture, clothing, electronics, and kitchenware.

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.

Which of the following coverages is included in the homeowners policy but is not included in an unendorsed dwelling policy?

Which of the following coverages is included in the homeowners policy but is not included in an unendorsed dwelling policy? Liability & theft.

Which one of the following types of property is not covered by a dwelling policy?

If you have a structure on your property that isn't connected to your home and doesn't qualify as part of your dwelling — like a detached garage, fence or shed — it is likely not protected by dwelling coverage.

Which of the following is an example of property insurance?

Like we mentioned above, property insurance is just a broad term that refers to several different types of insurance, including homeowners, condo, landlord, renters, mobile home, flood, and earthquake. In general, these policies all provide three types of protection: Liability.

Which of the following types of property is not insured as a building item?

Building coverage may insure items that are permanently attached to the building itself, while personal property coverage includes property that is not part of the building. Building and personal property coverage exclude land, water, plants, roadways, crops, shrubs, money, accounts, instruments, or trees.

Which of them is not the basic principle of insurance?

Solution(By Examveda Team) Maximization of Profit is not the principle of insurance. There are seven basic principles that create an insurance contract between the insured and the insurer: Utmost Good Faith, Insurable Interest, Proximate Cause, Indemnity, Subrogation, Contribution and Loss Minimization.

Which risk is not covered by insurance company?

Uninsurable risk is a condition that poses an unknowable or unacceptable risk of loss for an insurance company to cover. An uninsurable risk could include a situation in which insurance is against the law, such as coverage for criminal penalties.

Which is not a type of property and casualty insurance?

While P&C insurance includes many specific types of insurance, it does not generally include health or life insurance.

What are the two types of property coverage?

There are two types of personal property coverage: replacement cost and actual cash value. A replacement cost policy typically pays the dollar amount it will take to buy a new item at the time of a claim.

What does property insurance typically protect?

Homeowners insurance covers damage to your home, property, personal belongings, and other assets in your home. Your homeowners insurance policy may also cover living expenses above your normal cost of living if a covered loss forces you to stay elsewhere while your home is being repaired or rebuilt.

Which type of property insurance covers structures?

Coverage B, also known as other structures insurance coverage, is the part of your homeowners policy that protects structures on your property not physically connected to your home, such as a detached garage, storage shed, or gazebo.

What are exclusions in a homeowner's insurance policy __________?

Exclusions are a list of perils, specific events or even objects that a home insurance company won't provide financial protection over. They're listed directly in your home insurance policy to give you a greater understanding of the coverage you're buying.

Why do property insurance policies contain exclusions?

Insurance exclusions are policy provisions that waive coverage for certain types of risks or events. Policy exclusions create a balance between coverage for fortuitous losses (losses you couldn't have reasonably prepared for) and the need to remain solvent in order to pay those claims.

What are the three main types of property insurance coverage?

The three main types of property insurance coverage include actual cash value, replacement cost, and extended replacement cost.

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.

Can you get insurance on anything?

You might get insurance for your car, life, your apartment, or even your phone. When you have insurance, you pay a little bit each month. If there is an accident, the insurance company will help cover some of the costs for you.

Which of the following property is not covered under the building and personal property coverage form?

Coverage does not apply to land, lawns, trees, shrubs, plants, outside antennas, or signs that are not attached to the structure. A Building and Personal Property Coverage Form will pay up to what percentage of the building loss amount for debris removal expenses incurred after a direct physical loss?

Which of the following best defines homeowners insurance?

Homeowners insurance is a type of property insurance that covers losses and damages to your home. It also protects assets in the house. The policy usually covers interior damage, exterior damage, loss or damage of personal assets, and injury that arises while on the property.