Homeowners Endorsements

Endorsements:

Homeowners endorsements are for those individuals with special needs, that exceed the specified coverage amounts for personal property. Endorsements are attached to a Homeowners policy to modify coverage.

The Scheduled Personal Property endorsement provides a separate schedule of insurance for one or more of nine categories of valuable property:

• Jewelry
• Furs and fur-trimmed garments
• Cameras, projectors, films, and equipment
• Musical instruments
• Silverware
• Golf equipment
• Fine arts
• Postage stamps
• Coins

Limited amount of coverage...The items represent property that has only a limited amount of coverage under the homeowners policy. The endorsement allows the insured to schedule one or more of these major categories of property with a separate amount of insurance. In addition, coverage is provided on an open peril basis with no deductible, even if the endorsement is attached to a named perils Homeowners policy. Depending on the type of property scheduled, losses may be paid on an actual cash value, market value, repair or replacement cost.

The Personal Property Replacement Cost endorsement provides that the policy will reimburse losses to personal property on a replacement cost basis, rather than actual cash value. Some property is excluded, such as obsolete articles, antiques, fine arts, and paintings that cannot be easily replaced.

Note: None of the Homeowners forms covers earthquake. To add earthquake as a covered peril, the insured must purchase an Earthquake endorsement.

The insured may purchase the Home Day Care Coverage endorsement to extend Homeowners coverage to this type of business. The premium for this coverage is based on the number of children the insured cares for.

Watercraft endorsement...The homeowners forms provide only limited Liability coverage for watercraft. With the watercraft endorsement, an insured can purchase coverage for...Watercraft up to 26 feet long powered by outboard engines or motors exceeding 25 horsepower or watercraft powered by inboard or inboard-outdrive engines or motors, also, sailboats more than 26 feet long.

Will a homeowner's policy cover mold?

Fungi is defined as any type or form of fungus, including mold or mildew. Under Section 1 in a homeowner's policy, it states that the amount shown in the schedule is the most the insurer will pay for:

• All loss payable under Section 1 caused by mold
• Cost to remove mold from covered property
• Cost to tear out and replace any part of the building or other covered property as needed to gain access to the mold

The amount shown in the schedule is the most the insurer will pay for losses under this additional coverage, regardless of the number of locations insured or the number of claims made. This coverage does not increase the policy limit that applies to the damaged covered property.