Explain the Systematic Basis for Insuring Unscheduled Personal Property

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The Answer is The following is a guideline for insuring unscheduled personal property:
1. Market Value
This refers to those personal household contents which are not specifically listed by name and value in the policy. The homeowner's policy provides insurance on these items equal to 50 percent of the amount of insurance on the house. Certain types of property are excluded from coverage under homeowner's insurance, and special limits of liability exist on other types of property.
2. Replacement Cost
For an additional premium representing 5-15 percent of the policy's total premium, the homeowner can receive the actual replacement cost versus fair market value of a destroyed or stolen item.
3. Floater Policies
The personal articles floater provides all-risk protection for each article specified on the face of the policy. In contrast, a personal property floater offers protection on all articles on a worldwide basis.

Explain the Systematic Basis for Insuring Unscheduled Personal Property

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Explain the Systematic Basis for Insuring Unscheduled Personal Property

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Correct Answer:VerifiedShow Answer

Correct Answer:
Verified