Which one of these is covered by a specific type of insurance policy? Off-grid homes Condominiums...
Which one of these is covered by a specific type of insurance policy? Off-grid homes Condominiums Homes with more than two stories Homes in rural areas
Homework Answers
Specific type of insurance policy is a home insurance policy which includes all the 16 perils which are listed with the policy and is a basic policy in the market.
Basically, there are 8 types of HOMEOWNERS (HO) policies under specific policies.
Now, considering CONDOMINIUM HOMES, it is suggested to take a policy of CONDO POLICY (i.e. HO-6).
This policy provides condo unit owners coverage for their properties, protects against liability claims and helps cover costs if the unit is uninhabitable. A condominium insurance policy is often called walls-in coverage as it protects the individual unit. However, standard condo insurance doesn't offer coverage for all situations, such as floods, earthequakes etc but one can consider the additional policies for the same.
Moreover,OFF GRID HOMES refer to living in a self-sufficient manner without reliance on one or more public utilities. but, according to some economist, it is not possible to insure a home without electricity or water.
Therefore, they are coming up with social system and hence, These homes can be insured under specialised coverage. Instead of hooking up to a public electric or gas company, they're taking their homes “off the grid” by using alternative energy sources.
it is suggested to insure Off grid homes under HO-2 insurance policy which undertakes all common 11 perils. HO-2 is a named peril policy and only the perils specifically listed are covered - no others. The HO-2 also covers personal property in the home.
CONCLUSION
Specific type of insurance policy is covered best with HO-3 insurance policy wherein it protects against all 16 of the most common perils and almost any other peril, except those specifically excluded (such as earthquake, flood, landslide or mudslide, nuclear accident and sinkholes).
Therefore, it clears that off grid homes can cover specific type of insurance policy to some extent as it is extending its interest in solar system which would be helpful in rural areas.
Thank you
I just took the quiz and the correct answer is Condominiums.
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Which one of these is covered by a specific type of insurance policy? Off-grid homes Condominiums...
Which one of these is covered by a specific type of insurance policy?
Which one of these is covered by a specific type of insurance policy? Off-grid homes Condominiums Homes with more than two stories Homes in rural areas Continue
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