What Does “Used in Connection With” Mean?
The definition of “insured location” in the HO policy includes any premises “used in connection with” the residence premises. Exactly what does that mean?
Personal Lines
More HO Loss Assessment Misunderstandings
Can a condo association assessment for a deductible be paid by the HO policy without the entire association being assessed? An agent reports that one company will not pay unless…
Homeowners’ Associations
It’s very unlikely that many purchasers of a townhome or a stand-alone home in an association ever consider the insurance implications of such purchases. Only when it’s time for the…
Other Structures and NFIP Coverage
When looking at the National Flood Insurance Program (NFIP), the other structures coverage is so limited that it might almost be thought of as, “There isn’t any.” To adequately protect…
Preferred Risk Policy Eligibility
Over the past few years, eligibility for the PRP has expanded, making a lot more policyholders eligible for the savings under the PRP. It’s in the best interest of the…
Why Should I Buy Flood Insurance?
When the tragic floods hit Ron’s Cedar Rapids hometown, he sent me two e-mails over a week or so telling about the situation. Those e-mails, totally unedited, are below. It’s a compelling read,…
Can Home Repair Costs be Depreciated?
After a fire damaged an insured’s home, the HO adjuster offered to pay only part of the repair bill, stating that he was taking depreciation off the total. The agent…
Homeowners Functional Replacement Cost
Our “Ask an Expert” service got a question this week from an agent who represents an insurer who has begun using a Functional Replacement Cost Loss Settlement endorsement on older…
Insurable Interest in Personal Property
A critical element in the principle of indemnity is that an insured can only collect for a loss in an amount equal to his or her insurable interest in the…
The HO Undervaluation Problem
According to the experts, a majority of homes are undervalued by at least 25% on average. Magazines and newspapers are replete with articles about insureds who suffered major losses only…
