HO Policy Forms
Which homeowner's form is for older homes?
HO8 - Basic (modified), older homes
Which section includes dwelling, other structures, personal property, and loss of use?
Section I - Property Coverages
What does a Scheduled Personal Property Endorsement provide?
Provides all-risk coverage, get paid full amount of itemized items, no deductible
(Must have itemized coverage for each item, i.e., jewelry)
What percentage of Coverage A is used for Coverage B?
10% coverage, except HO4 & HO6
How much does Coverage E pay per occurrence?
$100,000 per occurrence
What HO form is used for condos?
HO6 - Condo (covers rental unit)
Which coverage applies to theft of content without an endorsement?
Homeowners
What is the standard deductible for Section I claims?
$250
What HO forms don’t provide Coverage A replacement?
HO4 doesn't provide Coverage A dwelling replacement
(HO8 - ACV, HO6 - $1,000)
What is the limit for Coverage F?
$1,000 per person per occurrence
Incurred within 3 years of accident
No requirement if homeowner's negligence
Which form is for mobile homes?
HO7 - mobile homes (no wheels & 40'L X 10'W min)
How much is paid for $10k of jewelry if the house burns down?
$10k, full amount
Which HO form limits theft loss to $1k?
HO8
What is Coverage C typically valued at?
Generally 50% of Coverage A
HO4 & HO6 are stated amount
HO7 is 40% of Coverage A
What is Section II's deductible?
None, never has a deductible
Which HO form provides all-risk coverage?
HO3 - Special
HO5 - Comprehensive, high-valued homes
How much is paid for $10k of jewelry if it is stolen? What coverage includes this?
$1500, due to Coverage C limitations
What are the two common property endorsements?
Earthquake & Replacement Cost Contents (changes loss replacement from ACV)
What percentage is Coverage D in HO2/HO3/HO5/HO7?
30% of Coverage A
HO8 - 10% Coverage A
HO4 - 30% Coverage C
HO6 - 50% Coverage A
What’s required for Coverage E to apply?
Bodily Injury & Property damage with 3rd party
Insured must be negligent in causing loss
$100,000 per occurrence
What is the main difference between HO3 and HO5?
Both have all-risk coverage for dwelling & other structures, but HO5 adds on all-risk personal property coverage
Which coverage applies to personal liability and medical payments?
Coverage E Personal Liability - $100,000 per occurrence
Coverage F Medical Payments - $1,000 per person per occurrence
Which HO forms provide replacement cost for the dwelling?
HO2, HO3, HO5, HO7
(HO8 is ACV, HO4 has no replacement for dwelling, HO6 is $1,000)
What HO form, under Coverage D, has 50% of Coverage C?
HO6 - Condos
What is not required for Coverage F to apply?
No requirement of homeowner's negligence