Rental Dwelling Policy Comparison

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1 Rental Dwelling Policy Comparison Coverage under the attached renewal policy is provided on our new Rental Dwelling Policy form DH (01-97). As a result of this certain areas of coverage are broader and other areas of coverage have been reduced. We will attempt to summarize the changes for you. We suggest that you read the entire policy and that you read our summary along with the new policy. Please note that areas which have not changed are not addressed herein but this shall not be construed to mean that this omission will either broaden or restrict coverage provided by the new form. This summary shall not have the effect of providing coverage which is not specifically provided in the policy itself nor shall it take away coverage specifically provided in the policy itself. This policy may be amended by endorsement. Such endorsements stand on their own and are not addressed here. Representations Section This provision was not part of the form attached to your expiring policy. We believe that these conditions, even while not part of the expiring policy, would apply. They are added to the form attached to the renewal policy for the purpose of making you aware of them. Definitions Section For easier reading we have structured the new form attached to your renewal policy differently and have added this section. Accident and Accidental: The new form attached to your renewal policy defines accident differently. This may restrict coverage. Volcanic Action: The addition of the definition of the words volcanic action may restrict coverage. You and Your: This definition has been changed to mean the person or entity shown on the Declarations Page of the policy and that person's spouse. The requirement that the spouse is a member of your household has been eliminated. Limits of Insurance Section This provision was not part of the form attached to the expiring policy. We do not believe that this new provision changes the coverage provided but rather clarifies the intent of the policy. Limit of insurance shown on the Declarations Page for coverage: 1. Excluding Earthquake Coverage: The property limit of insurance shown on the Declarations Page of the policy was determined by multiplying the declared or rating value of the dwelling by 1.5 rounded to the nearest $1,000. This may result in a significant reduction in the property limit of insurance under your renewal policy. Please review the value and make certain that you do have sufficient coverage in the event of a severe loss. Page 1

2 2. Including Earthquake Coverage: This applies only in the event that you have purchased earthquake coverage and the appropriate additional coverage endorsement for earthquake coverage is attached to your renewal policy. Please note that coverage provided for loss or damage caused by earthquake differs significantly from coverage provided caused by any other covered loss. The property limit of insurance for loss or damage caused by a covered peril other than earthquake is determined as stated in 1. above. As stated in 1. above this may result in a significant reduction in the property limit of insurance under your renewal policy. Please review the value and make certain that you do have sufficient coverage in the event of a severe loss. The following sub-limits (not additional amounts of insurance) apply to loss or damage from earthquake: Dwelling: The sub-limit for earthquake coverage shown on the Declarations Page will be equal to the declared or rating value of the dwelling. This is a reduction in the amount of insurance for earthquake coverage. Please review the limit of insurance and make certain that you do have sufficient coverage in the event of a severe loss. Personal Property: $5,000. This is a reduction in coverage. Increased limits are not available. Additional Living Expense: $1,500 unless you have waived this coverage. Increased limits are not available. 3. On Vacant Property: The property limit of insurance is equal to the sum of the declared or rating value of the dwelling plus $7,000. Insuring Agreement Section Additional Living Expense: This coverage has been deleted from the new form attached to the renewal policy. While this may restrict coverage we do not believe that there is a need for this coverage given the fact that we insure only rental dwellings. Building Materials: The new form attached to the renewal policy covers building materials intended to become integral parts of covered structures being renovated or repaired. This is broader than coverage provided under the form attached to the expiring policy. Property of Tenants: The new form attached to the renewal policy does not provide coverage for property of tenants. This is more restrictive than coverage provided under the form attached to the expiring policy. Newly Acquired or Constructed Property: The new form attached to the renewal policy has been changed to provide this coverage only in the event that these properties are not covered by other insurance. This may be more restrictive than coverage provided under the form attached to the expiring policy. Property Not Covered Section Motor vehicle equipment, land and land values have been added to the Property not Covered section of the new form attached to the renewal policy. Page 2

3 Loss Not Covered By This Policy Section Earthquake and volcanic eruption are excluded from coverage under the new form attached to the renewal policy unless you have purchased earthquake coverage and the appropriate additional coverage endorsement for earthquake coverage is attached to the renewal policy. In the event that you did purchase this coverage, and the appropriate endorsement is attached to the policy, please note that the scope of this coverage has been reduced from what it was under the expiring policy. Earth movement, landslide, mudflow, and earth sinking, rising or shifting are excluded from coverage under the new form attached to the renewal policy. This does restrict coverage. Flood is excluded form coverage under the new form attached to the renewal policy. This is a restriction of coverage. Constant or repeated seepage or leakage of water or steam over a period of weeks, months or years is excluded from coverage under the new form attached to the renewal policy. This is a restriction of coverage. Freezing of trees, shrubs and other plants is excluded from coverage. This is a restriction of coverage. Wind to trees, shrubs and other plants is excluded from coverage. This is a restriction of coverage. Latent or patent defect are excluded from coverage under the new form attached to the renewal policy. This is a restriction of coverage. Vandalism and malicious mischief and theft coverage are excluded if the dwelling has been vacant for more than sixty (60) consecutive days before the loss. This is a restriction of coverage. Damage from water which is not otherwise excluded and which ensues from wear and tear is covered under the new form attached to the renewal policy. This is broader coverage than provided under the form attached to the expiring policy. Settling, cracking, shrinking, bulging or expansion of structures is excluded from coverage. This is a restriction of coverage. Building ordinance coverage has been reduced under the new form attached to the renewal policy. This is a restriction of coverage. Basis of Loss Payment Section Structures and Personal Property: These provisions have changed significantly. While we believe these revised provisions to be an attempt to more clearly state just what we will pay under various circumstances, this may have the result of being more restrictive. Rental Income: These provisions were not part of the form attached to the expiring policy. The period of indemnity has been limited to one hundred twenty (120) days. Also, accrued rents Page 3

4 coverage is now limited to rents accrued within sixty (60) days prior to the loss. These changes may restrict coverage. Building ordinance: As mentioned in the Loss Not Covered By This Policy Section above the amount we will pay for increases in loss made necessary by any ordinance or law is more limited under the new form attached to the renewal policy. Trees, Shrubs and other Plants: While this section was not part of the Basis of Loss Payment section of the form attached to the expiring policy it was contained elsewhere in that policy. We do not believe this changes coverage. Your Duties Following a Loss Section These provisions replace the provisions of the REQUIREMENTS IN CASE LOSS OCCURS section. These new provisions may be more restrictive. Concealment, Misrepresentation or Fraud Section The provisions of this clause are different from the provisions contained in the form attached to the expiring policy. This may restrict coverage. Mandatory Arbitration Section The provisions of this clause are different from the provisions contained in the form attached to the expiring policy. While this new clause may change coverage, we believe it is primarily a clarification. Liberalization Clause Section The new form attached to the renewal policy does not contain this clause. This may restrict coverage. Salvage and Recovery Section This is a new provision and was not part of the form attached to the expiring policy. We believe this is a clarification. Time Limitation for Action Section This provision replaces the SUIT clause contained in the form attached to the expiring policy. We believe this is a clarification. Examination of Your Books and Records Section These provisions are new. This may be more restrictive. Waiver or Change of Policy Provisions Section The provisions contained in the new form attached to the renewal policy are different from the conditions contained in the form attached to the expiring policy. This may be more restrictive. Cancellation and Non-Renewal Section The cancellation provisions contained in the new form attached to the renewal policy give us additional rights to cancel the policy that we did not previously have. This has the effect of being more restrictive. Page 4

5 Death Section This has been changed to address the needs when providing coverage only for rental property. This may be more restrictive. Recovery From Third Parties Section This replaces the SUBROGATION provisions of the form attached to the expiring policy. We believe this more clearly states your and our rights. Premises Liability Coverage Endorsement This coverage is now provided by attachment of the Premises Liability Endorsement form DH (01-97). This coverage has been changed to address itself only to damages because of bodily injury or property damage arising out of the ownership, maintenance or use of the insured premises as a rental property. The following will summarize the changes in coverage: Insuring Agreement We have substituted the word "insured" in lieu of "you" in this new endorsement attached to the renewal policy. The word "insured" is used throughout this endorsement and is defined in the Definition section of the endorsement. Also, we have restricted coverage to rental dwellings. These changes may restrict coverage. We have added the word "insured premises" and have defined it. This may broaden coverage. All Subject To The Following Exclusions Section Business pursuits: This exclusion has been changed in the form attached to the renewal policy. As a result coverage may be more restrictive. Property damage to property rented, borrowed or used by you: Under the expiring policy we would pay for damages you may be liable for because of property damage caused by fire, smoke and explosion. The form attached to the renewal policy will not pay such resulting loss. We do not believe this coverage is appropriate for rental dwellings and have, therefore, deleted it. War exclusion: This new exclusion was not part of the form attached to the expiring policy. This will restrict coverage. Nuclear exclusion: This exclusion has been changed in the form attached to the renewal policy. While this is primarily an editorial change it may have the result of being more restrictive. Bodily injury or property damage sustained by you or specified residents of your household exclusion: We have deleted this exclusion from the form attached to the renewal policy and have instead added the following exclusion: "Bodily injury or property damage sustained by any insured." This may restrict coverage. All Subject To The Following Conditions And Limitations Section Concealment, Misrepresentation or Fraud The provisions of this clause are different from the provisions contained in the form attached to the Page 5

6 expiring policy. This may restrict coverage. Representations This provision was not part of the form attached to your expiring policy. We believe that these conditions, even while not part of the expiring policy, would apply. They are added to the form attached to the renewal policy for the purpose of making you aware of them. Liberalization Clause The new form attached to the renewal policy does not contain this clause. This may restrict coverage. Waiver or Change of Policy Provisions The provisions contained in the new form attached to the renewal policy are different from the conditions contained in the form attached to the expiring policy. This may be more restrictive. Cancellation and Non-Renewal The cancellation provisions contained in the new form attached to the renewal policy give us additional rights to cancel the policy that we did not previously have. This has the effect of being more restrictive. Death The provisions contained in the new form attached to the renewal policy have been changed to address the needs when providing coverage only for rental property. This may be more restrictive. Definitions Applicable To This Endorsement Section Insured: The new form attached to the renewal policy defines insured differently. We believe that the definition contained in the form attached to the renewal policy is more appropriate when insuring rental dwellings. This may restrict coverage. Insured premises: This was not contained in the form attached to the expiring policy. This broadens coverage. Occurrence: The definition of "occurrence" in the new form attached to the renewal policy is different and may restrict coverage. Bodily injury: The definition of "bodily injury" in the new form attached to the renewal policy is different and may restrict coverage. Page 6

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