Endorse This
What commonly used endorsement is automatically included on an HO5 policy?
Water Backup
True or False: The Special limit for money is higher on an ho5 than on an ho3.
False. the limit is $200 on both policies.
Customer has a home policy with 80% of the replacement cost coverage.
Ho3 is the only option because Ho5 requires 100%.
How is the Special Computer Coverage endorsement different on an Ho5 compared to an Ho3?
On an Ho3 the endorsement makes computer coverage open perils and subject to a different deductible whereas on an Ho5 it is already open perils so the endorsement adds a separate deductible.
How much coverage is loss to jewelry on an unendorsed ho5?
$2,500
Customer has a single family ranch that is owner occupied. They would like the bare minimum coverage to satisfy the mortgage.
Ho3 is a good option for this customer as it is more restrictive coverage at a cheaper premium.
True or False: HO 04 20 is an endorsement that is automatically included in the HO5 policy.
True. This adds replacement cost coverage and the 30% cushion. This is added by endorsement on ho3 policies.
True or False: The limit for business property is the same on both the ho5 and the ho3 policies.
True. Business property has a limit of liability of $2,500 for losses occurring on premises and $1,500 off premises.
Caller is shopping around because their home policy does not cover hearing aids unless they are stolen (who even steals that?!).
Ho5 has open perils coverage which includes coverage for mysterious disappearance in case they lose those hearing aids. and don't worry, theft is covered too (but again, who does that?)
What is the difference in the included limit for loss assessment on an ho5 compared with an ho3?
An ho5 comes with $5,000 included on the policy whereas the ho3 comes with $1,000.
What is the special limit for credit cards, EFT, Transfer cards, Etc. on the ho3 and on the ho5?
$500 on the ho3. $5,000 on the ho5.
Customer has a $1.2 million dollar home and mentions that he has a good amount of collectables and his wife has a lot of jewelry.
Ho5 is a great option so mr will have open perils on those collectables. Don't forget to solicit PAF though for the jewelry!
True or false: The endorsement that adds physical damage coverage for a motorized golf cart is only available on the ho3.
False. This endorsement is available on ho3, ho4, ho5, and ho6.
What is the limit for ordinance or law coverage on an the ho3? and on the ho5?
Up to 10% of coverage A on both policies.
Customer currently carries 300k liability and 2k med pay. He has water back up and ID fraud. He is interested in special computer coverage because he has a brand new Macbook that he wants covered if he drops it.
Ho5 is a great option. Depending on his deductible he may not need to add special computer coverage for the Macbook and water backup is included. He would have to increase the medical payments but that would be a very small change.