Perils & Acronyms
These 3 initial perils are automatically included under a basic DP1 form before any extended coverages are added.
What are Fire, Lightning, and Internal Explosion?
The Homeowners policy provides up to $5,000 of coverage for loss caused by a covered peril to these specific off- or on-premises markers.
What are grave markers (including mausoleums)?
Full-time college students who were residents before moving to school remain covered under their parents' Homeowners policy until reaching this age limit.
What is age 24?
What percentage will you collect for personal property in homeowners if it is a total loss
What is 50%
This policy form is designed specifically for owner-occupants of historic homes or older dwellings where replacement cost exceeds market value.
What is the HO-8 (Modified Coverage Form)?
The acronym _____ and _____ represents these Extended Coverage perils that can be added to a DP1 for an additional premium.
WHARVES and VMM
Unlike Dwelling policies, all Homeowners policies automatically include this major category of coverage in Section II.
What is Liability?
Non-relative residents living in the care of the named insured (or resident relatives) are defined as insureds up to this age threshold.
What is age 21?
What is the DP1 and what perils are covered
What is basic form? FLI and you can add WHARVES and VMM
This policy form provides the broadest possible protection by insuring Dwelling (Coverage A), Other Structures (Coverage B), and Personal Property (Coverage C) all on an Open Peril basis.
What is the HO-5 (Comprehensive Form)?
Broad Form policies (DP2 and HO2) expand coverage using perils often remembered by the acronym_______
BBBICEGOLF
Section II Coverage F (Medical Payments to Others) will pay for necessary medical, surgical, and hospital expenses incurred within this time frame following an accident.
What is 3 years?
A full-time student who is a non-relative remains an insured on the policy until reaching this age.
What is age 21?
What is the DP2 and what perils are covered
What is a Broad form? FLI<WHARVES<VMM<BBBICEGOLF
An HO-3 policy provides Open Peril coverage for Coverages A and B, but settles losses for Coverage C under this peril structure.
What is Named Perils (the same perils covered under the HO-2)?
Under policy peril provisions, all volcanic shocks or eruptions occurring within this specific timeframe count as a single occurrence with one deductible
What is 72 hours?
If an insurer broadens coverage under a policy without requiring an additional premium or endorsement, this policy condition applies immediately.
What is Liberalization?
To qualify for standard Homeowners policy eligibility, a 1- to 4-family residence cannot exceed this number of roomers or boarders per unit.
What is no more than 2 roomers or boarders per unit?
What is the DP3 and what perils are covered
What is a Special Form? Open (for A and B) named for Personal Property
This Section I coverage protects unattached structures on the residence premises, such as a detached garage, shed, or fence.
What is Coverage B (Other Structures)?
The maximum total payout for tree removal under a Homeowners policy is $1,000, subject to this maximum sublimit per individual tree.
What is $500 per tree?
An insurer canceling a policy for nonpayment or during the first 60 days of a new policy must give the insured at least this many days' advance written notice.
What is 10 days?
This specific Homeowners form provides open peril coverage on Coverages A, B, and C
What is the HO5 (Comprehensive Form)?
An insured who rents an apartment or single-family home would purchase this specific policy form to cover their personal property.
What is the HO-4 (Contents Broad / Renters Form)?
Section II Coverage E (Personal Liability) pays for damages that the insured becomes legally obligated to pay because of these two types of loss.
What are Bodily Injury (BI) and Property Damage (PD)?