HO Perils
Most basic named peril is:
Fire
This portion includes: Name, address, premium, deductibles, policy term, limits of coverage, and any endorsements.
Declaration Page
Eligibility requirement for HO
Owner Occupied
Condo Form
HO6
Covers Dwelling of the HO.
Coverage A
No people present, but personal property is
Unoccupied
There are 2 major sections of the HO policy, what are they?
Section I and Section II
Number of dwellings eligible
1-4 family dwellings
This HO Form does not include building coverage.
HO4
This is covered anywhere in the world.
Coverage C
Theft of firearms, silver, gold, platinum, and personal property used for a business covered up to...
$2500
This section pays to others.
Section II Liability
This endorsement can increase limits automatically year over year.
Inflation Guard
Office that creates HO forms
ISO
This is coverage to cover expenses that exceed insured's normal living expenses.
ALE (Additional Living Expenses)
Open Peril Policy
Under the definition section it outlines any uncertainty or undefined portion will favor the insured.
Contract of Adhesion
Personal property is usually settled on an ACV but you can endorse this to obtain more coverage.
RC - Replacement Cost
Provides most coverage out of all the HO forms.
HO5
Covers structures rented to an insured or tenant of primary dwelling.
Coverage B
This peril would be considered one occurrence within a 72-hour period.
Volcanic Eruption
The 6 sections of the HO include:
I. Declarations
II. Insuring Agreement
III. Definitions
IV. Section I - Property Coverage
V. Section II - Liability Coverage
VI. Gen Conditions and Endorsements
These endorsements include a $250 deductible and covers water other than by flood.
Sewer Back-up and Water Back-up
These HO Forms are covered for named perils.
HO2, HO4, HO6, HO8
Section II includes which coverages.
Coverage E - Liability
Coverage F - Medical Payments
Additional Liability Coverages