Homeowners Insurance Forms

Question 1

HO-1

Answer 1

HO-1 (Dwelling)

A - Dwelling
Basic

B - Other Structures
Basic

C - Personal Property
Basic

D - Loss of Use
Basic

Question 2

HO-2

Answer 2

HO-2 (Home) - OK

A - Dwelling
Broad

B - Other Structures
Broad

C - Personal Property
Broad

D - Loss of Use
Broad

Question 3

HO-3

Answer 3

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

Question 4

HO-5 / HO 3-15

Answer 4

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

Question 5

HO-8

Answer 5

HO-8 (Older Home)

A - Dwelling
Basic

B - Other Structures
Basic

C - Personal Property
Basic

D - Loss of Use
Basic

Question 6

HO-4

Answer 6

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.

Question 7

HO - 6

Answer 7

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).

Question 8

HO-2 versus HO-3

Answer 8

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.

Question 9

HO-3 versus HO-5

Answer 9

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)

Question 10

HO-4 versus HO-6

Answer 10

• 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).

Question 11

HO-7

Answer 11

“Trailer”

Mobile Home Insurance