Question

If an insured has a homeowners insurance policy and another insurance policy that apply to the same occurrence of loss, which policy is the primary source of insurance?

Answer 1

The homeowners insurance policy is typically the primary source of insurance in the case of an insured having multiple insurance policies. However, it is essential to read and understand the terms and conditions of each policy to determine the primary source of insurance in a specific situation.

Step-by-step explanation:

When an insured has multiple insurance policies that cover the same occurrence of loss, it is important to determine which policy is the primary source of insurance.

In the case of a homeowners insurance policy and another insurance policy that apply to the same occurrence of loss, the primary source of insurance would typically be the homeowners insurance policy.

This is because homeowners insurance is specifically designed to cover losses related to a person's home and property.

For example, if a person's house is damaged by a fire, their homeowners insurance policy would be the primary source of insurance to cover the damage.

The other insurance policy, such as a general liability policy, may provide some coverage, but it would likely be secondary to the homeowners insurance policy.

It's important to note that insurance policies can vary, so it's essential to read and understand the terms and conditions of each policy to determine which one is the primary source of insurance in a specific situation.