Homeowners Policy

Question 1

Eligibility for HO Policy

Answer 1

Eligible resident dwellings contain 1 to 4 residential units and NO MORE than 2 ROOMERS/BOARDERS per family.
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Dwellings under construction are also eligible.

Question 2

HO-2 (Broad Form)

Answer 2

Limited Theft coverage. VMM covered.
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Losses under A and B are valued on a REPLACEMENT COST BASIS and personal property is valued on ACV.
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DOESN’T COVER LOSS TO FENCE, DRIVEWAY, OR WALK CAUSED BY A VEHICLE OPERATED BY THE INSURED.

Question 3

HO-3 (Special Form)

Answer 3

Dwelling is on REPLACEMENT VALUE BASIS, and Personal Property is ACV basis
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Includes losses to a fence, driveway or walk caused by a vehicle owned/operated by the insured
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Theft not covered to dwelling under construction, including materials
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No coverage for animals owned or kept by the insured

Question 4

HO-4 (Contents Broad Form)

aka tenant policy

Answer 4

PP valued on ACV

Question 5

HO-5 (COMPREHENSIVE Form)

Answer 5

Losses to dwelling are REPLACEMENT COST BASIS, PP is ACV.

Question 6

HO-6 (UNIT-OWNERS Form)

aka condo form

Answer 6

Also insured personal property anywhere in the world.

Question 7

HO-8 (Modified Form)

Answer 7

ACV