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Fundamentals of Risk and Insurance, 11th Edition by Therese M. Vaughan, Emmett J. Vaughan

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CHAPTER OBJECTIVES

When you have finished this chapter, you should be able to

  • Describe the purpose and uses of the monoline dwelling forms
  • Explain how coverage under the mobilehome program differs from coverage on dwellings under the homeowners program
  • Identify the coverage limits on residential property available under the National Flood Insurance Program
  • Explain the reasons that an individual might choose to purchase scheduled coverage under an inland marine floater
  • Identify the classes of property that may be insured under the scheduled coverage endorsement to the homeowners forms
  • Explain the coverage features of watercraft policies

Although the homeowners policy does an adequate job of protecting the assets of persons eligible for coverage, some properties are ineligible for a homeowners policy. In addition, although the homeowners policy protects many types of personal property owned by individuals, some property is excluded, and the coverage on other classes is limited. Finally, while the homeowners policy protects against a wide range of perils, it does not cover flood, and protection against this peril must be obtained separately. For these reasons, additional forms of coverage are often needed by persons with specialized exposure.

In this chapter, we conclude our discussion of property insurance for the individual and the family with a brief look at several additional ...

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