How will your insurance policy respond in your time of need?

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1 Department of Business and Industry Nevada Division of Insurance Scott J. Kipper, Commissioner Terry Johnson, Director Brian Sandoval, Governor How will your insurance policy respond in your time of need? Rajat Jain, Property and Casualty section October 1, 2012

2 What is a Homeowners' Insurance Policy? That which is insured..may also appear to be excluded

3 What is a Homeowners' Insurance Policy? That which is insured..may also appear to be excluded Read the not-so-fine print

4 What is a Homeowners' Insurance Policy? A Contract of Insurance Legally binding on both parties Spells out the terms, limitations, and exclusions for each type of coverage

5 Dictates Claim Settlements

6 Homeowners' Insurance - Coverage Types Coverage A Covers damage to the home/dwelling and attached structures. Coverage B Covers damage to unattached structures (fence, sheds, freestanding cottages, detached garages, etc.). Coverage C Covers personal property (furniture, appliances, clothing, etc.). Coverage D Pays for additional living expenses in the event of dislocation due to loss of use during a claim. Coverage E Pays your legal bills if you are sued to recoup the costs of injuries or damages to someone else. Coverage F Pays medical expenses for anyone accidentally injured on your property or away from your premises caused by a member of your family or your pets regardless of who is at fault. This coverage does not apply to your injuries or those of family members living with you.

7 Homeowners' Insurance - Coverage Limits Coverage Component Typical Coverage Limits A Dwelling Based upon replacement cost estimate. You have the option of reducing or increasing it. However * B - Other Structures C - Personal Property D - Loss of Use E - Personal Liability F - Medical Payments 10% of Dwelling Coverage Limit 50% of Dwelling Coverage Limit 20% of Dwelling Coverage Limit You choose You choose Optional coverages are available for additional premium. Ask your insurance agent. * A reduction may result in coverage converting to actual cash value basis You may also incur a co-insurance penalty Ask your agent if you reduce this protection.

8 Perils covered Most widely used for owner-occupied homes Renters, Condo owners Perils Covered Kind of Policy Dwelling Contents HO-1/ HO-8 Basic HO-2 Broad HO-3 Special HO-5 Open Perils HO-4 / HO-6 DF-1 Fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke Vandalism and malicious mischief, theft, breakage of glass constituting a part of the building, volcanic eruption Loss of property removed from premises endangered by fire or other perils Falling objects, weight of ice, snow, or sleet, collapse of buildings, sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system; or of appliances for heating water, accidental discharge, leakage, or overflow of water, or steam from within a plumbing; heating; or air conditioning system; or domestic appliances, Freezing of plumbing, heating, and air conditioning systems; or domestic appliances Sudden and accidental damage from artificially generated currents to electrical appliances, devices, fixtures, and wiring (TV and radio tubes not included) All perils except flood, earthquake, war, nuclear accident, and others specified in your policy. Check your policy for a complete listing of perils not covered.

9 Perils generally NOT covered The federal government will NOT pay to rebuild your home

10 Terms Replacement-Cost versus Actual-Cash-Value

11 Terms Landscaping 3. Trees, Shrubs and Other Plants. We cover outdoor trees, shrubs, plants or lawns, on the residence premises, for direct loss caused by the following: Fire or lightning, Explosion, Riot or civil commotion, Aircraft, Vehicles (not owned or operated by a resident of the residence premises), Vandalism or malicious mischief or Theft. The limit for this coverage, including the removal of debris, shall not exceed 5% of the amount shown in the Declarations for COVERAGE A - DWELLING. We will not pay more than $500 for any one outdoor tree, shrub or plant, including debris removal expense. This coverage may increase the limit otherwise applicable. We do not cover property grown for business purposes.

12 Debris Removal Terms

13 Limitations Special Limits of Liability on personal belongings

14 Exclusions

15 Exclusions (continued)

16 Insurance Policies: In Summary

17 1. Read the whole thing You don t have to do it all in one sitting, or even in the same day. Pro tip: Break it up into small chunks; by type of coverage: For your home and other structures on your property. For your personal possessions. For costs of living while your home is being repaired. For liability.

18 2. Understand the Definitions Terms used in throughout the policy are clearly defined. Definitions used in an insurance policy may be different than commonly used. Pro tip: Defined terms are usually marked in a specific way throughout the policy. For example they may be: bolded, italicized, UPPERCASE, or in quotes

19 3. Know what you re reading For each type of protection you are purchasing, your policy will explain the following: Details of the coverage: When and how the coverage triggers. Conditions of the coverage: Your duties and claims settlement. Limitations and exclusions of the coverage: Losses not covered or have limited coverage. Pro tip: Use a highlighter to mark any sections of your policy that you would like to reference later. Talk to your insurance agent or company.

20 Recent Wildfires Claims Experience - Lessons Learned

21 Recent Wildfire Claims Experience Ensure accurate policy renters versus homeowners Check coverage amounts for each coverage Extended coverage for Coverage A (125% to 150%) Dwelling Difficult to remember all the details of the home after a total loss Personal Property Difficulty with developing lists of items Create a home inventory Many items subject to Special Limits of Liability Claims payments: Replacement Cost versus Actual Cash Value Checks issued jointly to insured and mortgage bank (if any) Additional Living Expense Time limits Mortgage coverage: Not all policies will pay for your mortgage while rebuilding is going on May negotiate with bank on the basis that the collateral is being rebuilt If a Total Loss occurs - some policies expand certain coverages

22 Recent Wildfire Claims Experience Debris Removal A percentage of Coverage A (5% to 10%) May be an additional coverage (sometimes only if actual cost exceeds the above percentage of Coverage A) Landscaping A percentage of Coverage A or Coverage C (5% to 10%) Sometimes additional coverage May allow for a separate charge for Landscaping debris removal Limited benefit for trees (usually $500 per tree) Ordinance or law Pays for cost to repair or rebuild a home per current building codes A percentage of Coverage A or Coverage C (5% to 10%) Sometimes as an additional coverage Rebuilding/Cleanup estimates Obtain multiple bids

23 Useful Resources Division of Insurance website: Guides: Home Insurance: Nevada Consumer s Guide Flood Insurance: Nevada Consumer s Guide Earthquake Insurance: Nevada Consumer s Guide Homeowners' and Auto policies from top 10 insurance groups Create a Home Inventory iphone/android App Home inventory checklist InsureU

24 Contact Us Carson City Office: 1818 E. College Parkway, Suite 103 Carson City, NV Main: (775) , Fax: (775) Las Vegas Office: 2501 E. Sahara Avenue, Suite 302 Las Vegas, NV Main: (702) , Fax: (702) Web: doi.nv.gov

25 By The Numbers Caughlin Ranch Fire 800+ claims, $23+ million in losses Washoe Drive Fire 300+ claims, $12+ million in losses DOI assistance with insurance claims for victims of recent wildfires Over $4,000,000

26 In Conclusion Do I have the right coverage for my home and belongings? Do I have sufficient amount of coverage? How do I know? PERFORM ANNUAL POLICY REVIEW

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