Principles of Risk Management and Insurance, 13th Edition

Chapter 22 Homeowners Insurance, Section I

“There’s no place like home, after the other places close.”

English Proverb

Learning Objectives

After studying this chapter, you should be able to

• Identify the major homeowners policies for homeowners, condominium owners, and renters.

• Explain the major provisions in Section I of the Homeowners 3 policy, including:

  • – Section I property coverages

  • – Section I perils insured against

  • – Section I exclusions

• Given a specific property loss situation, explain whether the Homeowners 3 policy would cover the loss.

• Explain the insured’s duties after a loss occurs.

• Explain and give an illustration of the loss settlement provisions in the Homeowners 3 policy.

On a cold Sunday afternoon, Jack started a fire in his ...