Preferred Financial Group

"We listen, we educate, then we perform like no one else in the industry."

 

Examples

 

Below is a sample HO-5 Homeowner’s Insurance Policy

used to illustrate how an explosion and fire claim might be view and settled by the insurance company.

Example #2

  • What Happened?: Explosion and fire
    • Total Loss $575,000
    • Destroyed $5,000 of personal property
    • Family was displaced for 6 months during rebuilding
  • What Was Covered?:
  • Dwelling loss covered $500,000 minus deductible of $1,000 = claim paid of $499,000
  • Personal property covered $75,000 minus deductible of $1,000 = claim paid of $74,000
  • Family received a per diem amount of $250 for lodging, meals and incidentals

  • Explanation: