Homeowners Insurance Forms Flashcards

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1
Q

HO-1

A

HO-1 (Dwelling)

A - Dwelling
Basic

B - Other Structures
Basic

C - Personal Property
Basic

D - Loss of Use
Basic

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2
Q

HO-2

A

HO-2 (Home) - OK

A - Dwelling
Broad

B - Other Structures
Broad

C - Personal Property
Broad

D - Loss of Use
Broad

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3
Q

HO-3

A

HO-3 (Home) - Better

A - Dwelling
Open

B - Other Structures
Open - 10% of A

C - Personal Property
Broad - 50% of A

D - Loss of Use
Open - 30% of A

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4
Q

HO-5 / HO 3-15

A

HO-5 (home) (HO 3-15) BEST

A - Dwelling
Open

B - Other Structures
Open - 10% of A

C - Personal Property
Open - 50% of A

D - Loss of Use
Open - 30% of A

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5
Q

HO-8

A

HO-8 (Older Home)

A - Dwelling
Basic

B - Other Structures
Basic

C - Personal Property
Basic

D - Loss of Use
Basic

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6
Q

HO-4

A

HO-4 (Renters)

A - Dwelling
NA

B - Other Structures
NA

C - Personal Property
Broad

D - Loss of Use
Broad - 30% of C

This is a renters policy. It provides no coverage for the “dwelling” (Coverage A) since the property is owned by others. It offers coverage for contents, loss of use and comprehensive personal liability.

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7
Q

HO - 6

A

HO-6 (Condo Owner)

A - Dwelling
HO-6 actually has some coverage for A and B (named perils) for installed items like wall-to-wall carpeting and cabinetry.

In addition, condo owners get $5,000 of loss assessment coverage (more can be purchased). Loss assessment provides protection against assessments made by the condominium association because of losses to collectively owned property.

B - Other Structures
NA

C - Personal Property
Open

D - Loss of Use
Broad - 50% of C

This is a condominium policy. Normally the condo association covers the structure. The condo policy provides for coverage for the interior.

Loss assessment coverage provides protection against assessments made by a condo association because of losses to collectively owned property.

Coverage A and C can both be changed by endorsement to apply on an open-perils basis (best answer for exam).

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8
Q

HO-2 versus HO-3

A

The HO-2 is broad form for all coverages whereas the HO-3 is open perils for coverages A, B, and D.

The HO-3 is much more comprehensive.

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9
Q

HO-3 versus HO-5

A

The only difference is that the contents are also covered under open form.

Essentially, the HO-5 is the HO-3/15. The HO-15 endorsement changes the broad form for personal property under the HO-3 to open perils (same as the HO-5)

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10
Q

HO-4 versus HO-6

A
  • HO-4 is for renters; HO-6 is for condominium owners
  • HO-4 has broad coverage for contents and loss of use; HO-6 has open perils coverage for contents and broad coverage for loss of use
  • HO-6 actually has some coverage for A and B (named perils) for items installed like wall-to-wall carpeting and cabinetry. In addition, condo owners get $5,000 of loss assessment coverage (more can be purchased).
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11
Q

HO-7

A

“Trailer”

Mobile Home Insurance

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