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Level 99

Risk Management for Homeowners


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Limited Named Perils
Same perils as broad named perils but with a narrower definition of each.
Broad Named Perils
Fire and lightning; windstorm and hail; explosion; riot; aircraft; vehicles; smoke; vandalism or malicious mischief; theft; glass breakage; falling objects; weight of ice, snow, or sleet; accidental discharge or overflow of water or stream; destruc…
Cost-To-Repair Basis
The cost to replace property after a loss but perhaps not with like materials and labor.
Dwelling
The structure on the residence premises shown in the declarations, used principally as a private residence, including attached structures.
Other Structures
Buildings on the residence premises separated from the dwelling by clear space or connected only by a fence or utility line, e.g., a detached garage or greenhouse.
Unscheduled Personal Property
Personal property, not a residence, that is owned or used by the insured while anywhere in the world, subject to certain exclusions. Examples include clothes, jewelry, furniture, etc.
Additional Living Expenses
Consequential property insurance that offers coverage of additional living expenses when insured property is untenantable because of an insured peril.
Loss Settlement Clause
A provision that helps determine if items will be valued at actual cash value or at replacement cost after a loss.
Pair-And-Set Clause
Used to determine the loss payment when part of a set or one of a pair is lost. The insurance company will pay only the differences in the actual cash value of the item before and after the loss.
Concurrent Causation
A legal doctrine that says if two perils (one excluded and one not excluded) occur and cause a loss, coverage applies.
Guaranteed Replacement Cost
Insurer agrees to pay for replacing property without policy limit. Used in homeowner's programs.
Bare Wall Doctrine
A legal doctrine for condominium unit owners. It covers everything inside the bare wall of the unit.
Inboard Watercraft
A type of watercraft whose motor is a permanent part of it.
Outboard Watercraft
A boat whose motor is mounted on the stern and is detachable.
Personal Articles Floaters (PAF)
Provides all-risk coverage on scheduled personal property.
Mobile Home Endorsement
Insurance for mobile homes that are not eligible for a dwelling or a standard homeowner's policy.
Comprehensive Personal Liability (CPL)
Liability coverage for individuals that includes bodily injury and property damage.
Residence Premises
A one to two family dwelling, other structures, grounds, and that part of any other building where one resides.
Business Pursuit
Continued or regular activity for the purpose of earning a livelihood.
Medical Payments To Others
Part of the comprehensive personal liability policy that provides payment of medical expenses incurred or ascertained within three years of an accident. It applies only to residence employees and members of the public an…
Personal Umbrella
A liability insurance policy that broadens coverage for comprehensive personal liability and personal auto liability. Provides limits of liability of $1 million or more.
Self-Retained Limit
The deductible on an umbrella liability policy.
Underlying Limit
Policy limit of insurance contract that is primary (pays first).
Dwelling Policy
Covers dwellings that are not owner occupied, have up to five rooms for boarders, and are ineligible for a homeowner's policy.
Fair Rental Value
In a dwelling policy, the rent the building could have earned at the time of the loss whether or not it was actually rented.
Extended Coverage (EC)
An endorsement to a fire insurance policy that adds coverage for losses from windstorm, hail, explosion, riot, riot attending strike, civil commotion, aircraft, vehicles, and smoke.
Farmowners'-Ranchowners' Policy
Covers (1) the dwelling and commercial structures on the farm and (2) the personal and commercial liability that might arise from living and working on the farm.