Idaho Property and Casualty Practice Exam 2026 - Free Practice Questions and Study Guide

A statement claiming that money is covered up to $500 per occurrence under a Homeowners Policy is incorrect. In fact, money is often covered with significantly lower limits, typically around $200 or $300, depending on the specific policy. This reflects the insurance industry's standard approach to limiting coverage for cash, as cash is easily lost or stolen and does not have supporting documentation like other types of personal property.

The other statements regarding homeowners policies are accurate. For example, the scheduled personal property endorsement indeed provides open perils coverage, meaning it protects against all risks unless specifically excluded, offering broader protection for listed items. Additionally, endorsements can typically be added to a homeowners policy to replace contents on a replacement cost basis, which means that the insured would receive the cost to replace the damaged property with a new equivalent item rather than a depreciated value. Lastly, the theft of silverware is generally covered under homeowners policies up to a limit of $2,500, which is consistent with standard policy provisions for personal property. This highlights the need for policyholders to understand the specific coverage limits and options available to them in their homeowners policies.