Homeowners 1
● HO-1: Basic Form
● HO-2: Broad Form
● HO-3: Special Form
● HO-4: Contents Broad Form also known as the Tenants or Renters Form
● HO-5: Comprehensive Form, provides open peril coverage for buildings and contents
● HO-6: Condominium Unit-Owners Form
● HO-8: Modified Coverage Form covers only the most common perils
Other Structures
10% of Coverage A for one or two family dwellings and 5% of Coverage A for three or four family dwellings. An “other structure” is a structure adjacent to the dwelling not physically attached to the dwelling.
A single earthquake as “all earthquake shocks occurring within a _____period .”
72 hours
The peril of earthquake is defined to include land shock waves or tremors accompanying a volcanic eruption.
If the insurer cancels a Homeowners policy, unearned premium is returned to the insured on what basis?
Trees, Shrubs and Other Plants - are covered for up to _____of the dwelling limit and subject to a maximum limit of ___ for any one tree, shrub or plant. This coverage is additional insurance and is in addition to the limits of the policy.
5%
$500
means:
● The “residence premises.”
● The part of other premises, other structures and grounds used by the insured as a residence; and ○ Is shown in the Declarations; or ○ Is acquired by the insured during the policy period for the insured’s use as a residence; Homeowners Insurance - 2
● Any premises used by the insured in connection with the residence premises described above.
● Any part of a premises:
Coverage A- Dwelling
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D - Loss of Use
(Coverage B, C and D stack on top of and paid in addition to Coverage A Limit)
A homeowner has a fire that totally destroys a $200 typewriter before the fire is extinguished. If the fire coverage on contents contains a $250 deductible, the insured will receive:
When the insurer may require that the rights of recovery be assigned to the company.
If the insured borrows a neighbor’s lawnmower and it is destroyed by fire while being used by the insured, would coverage apply?
Buildings and other structure claims are paid on a replacement cost basis if, at the time of loss, the amount of insurance in the policy on the damaged building is _____ or more of the full replacement cost of the building immediately before the loss.
“you and residents of your household” who are:
● Your relatives; or
● Other persons under the age of 21 and in the care of any person named above; or
● A student enrolled in school full time, as defined by the school, who was a resident of your household before moving out to attend school, provided the student is under the age of 24 and your relative or under the age of 21 and in your care or the care of a person described above.
a. The alterations, appliances, fixtures and improvements that are a part of the building contained within the residence premises;
b. Property that is the insured's responsibility under a corporation or association of property owner’s agreement;
c. Structures owned solely by the insured, other than the residence premises, at the location of the residence premises
175K
He can only get what he insures it for even though it is 200K to replace.
If the insurer makes a change which broadens coverage under the current edition of the Homeowners policy without additional premium charge, that change will automatically apply to this insurance as of the date the insurer implements the change, provided this implementation date falls within 60 days prior to or during the policy period stated in the Declarations of the policy.
Personal Property
50% of Coverage A for one or two family dwellings, 30% for a three-family dwelling and 25% for a four-family dwelling
$1,000
$500
Loss of Use – 30% of Coverage A on HO-2, HO-3 and HO-5; 30% of Coverage C on HO-4; 50% of Coverage C on HO-6; and 10% of Coverage A on HO-8.