AAEC 2104 Lecture Notes - Lecture 16: Personal Property
11 Apr 2018
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Document Summary
Protects you from losses due to perils. Specifies maximum level coverage: maximum amount the insurance company will pay. 4 types of coverage (except for ho-4: coverage a: dwelling, coverage b: other structures, coverage c: personal property, coverage d: loss of use. Coverage a: dwelling: protects house and attached structures, not business assets, stated dollar amount of coverage, example: ,000. Coverage b: other structures: non-attached structures and landscaping, doesn"t cover damages to land or business assets, up to (cid:883)(cid:882)% of the dwelling"s coverage, example: ,000 x 10% = ,000. Coverage c: personal property: covers any of your personal property, regardless of where it is located. If your laptop is stolen from your car you"re covered: covers personal property of your guests, up to 50% of dwelling coverage, example: ,000 x 50% = ,000, limits on certain items, cash, precious metals, etc. Coverage d: loss of use: silverware, etc. If civil authorities (cid:498)ban(cid:499) you from your house.
