Texas Homeowner Policy Flashcards
(49 cards)
What policy can tenants (renters) and condo owners use?
Homeowners Policy in adjusted forms
Coverage A will not be included for a Tenants Policy
A modified Coverage A will be included for a Condo Policy
What is the Texas Homeowner Policy?
It is a package policy because it has coverages for both property and liability.
To qualify you must own and occupy the premises. You must also intend to reside at the premises within 60 days of the policy effective date
Has the same rule as Texas Dwelling, cannot have more than 50% for a business and cannot be within 500’ of a business.
Cannot be a mobile home
What is the standard deductible for Coverage A for a Texas Homeowners Policy?
1% of coverage A
You can select a lower deductible but it will increase the premium.
What is the standard deductible for tenant and condo policies?
1% of Coverage C
What are the coverages for a Texas Homeowners Policy?
A-Dwelling B-Other Structures C-Personal Property D-Loss of Use E-BI & PD F-Med Pay
What is the HO-8 form of Texas Homeowners Policy?
Is meant for historical or Victorian homes
What perils are covered by HO-8 Texas Homeowner Policy?
Fire/lightning Extended coverage perils Theft Vandalism Volcanic eruption (72 hours)
What are the coverages and valuation for HO-8 under Texas Homeowner Policy?
- A-Dwelling - ACV
- B-Other Structures - ACV
- C-Contents - ACV
- D-Loss of Use - 10% of Coverage A
- E-BI & PD - 100,000 per occurrence
- F-Med Pay - 1,000 per person
What are the coverages and valuation for HO-2 under Texas Homeowner Policy?
- A-Dwelling - ACV
- B-Other Structures - ACV
- C-Contents - ACV
- D-Loss of Use - 20% of Coverage A
- E-BI & PD - 100,000 per occurrence
- F-Med Pay - 1,000 per person
What are the coverages and valuation for HO-3 under Texas Homeowner Policy?
- A-Dwelling - Replacement
- B-Other Structures - Replacement
- C-Contents - ACV
- D-Loss of Use - 20% of Coverage A
- E-BI & PD - 100,000 per occurrence
- F-Med Pay - 1,000 per person
What are the coverages and valuation for HO-5 under Texas Homeowner policy?
- A-Dwelling - Replacement
- B-Other Structures - Replacement
- C-Contents - ACV
- D-Loss of Use - 20% of Coverage A
- E-BI & PD - 100,000 per occurrence
- F-Med Pay - 1,000 per person
What are the covered perils under HO-2 for Texas Homeowners Policy?
Fire/lightning Extended coverage perils Theft Vandalism Volcanic eruption Falling objects Weight of ice, sleet, or snow Accidental water discharge Electrical current
What are the covered perils for HO-4 for Texas Homeowners policy?
Fire/lightning Extended coverage perils Theft Vandalism Volcanic eruption Falling objects Weight of ice, sleet, or snow Accidental water discharge Electrical current
What are the covered perils for HO-6 for Texas Homeowners policy?
Fire/lightning Extended coverage perils Theft Vandalism Volcanic eruption Falling objects Weight of ice, sleet, or snow Accidental water discharge Electrical current
What are the covered perils for HO-3 of Texas Homeowner policy?
All risks for A-Dwelling and B-Other Structures
HO-2 perils for C-Contents and D-Loss of Use Fire/lightning Extended coverage perils Theft Vandalism Volcanic eruption Falling objects Weight of ice, sleet, or snow Accidental water discharge Electrical current
What are the covered perils for HO-5 for Texas Homeowners policy?
All risks
What are the coverages and valuation for HO-4 for Texas Homeowner Policy?
C-Contents - ACV
D-Loss of Use
E-BI & PD - 100,000 per occurrence
F-Med Pay - 1,000 per person
What are the coverages and valuation for HO-6 for Texas Homeowners Policy?
- A-Dwelling - ACV
- B-Other Structures - ACV
- C-Contents - ACV
- D-Loss of Use
- E-BI & PD - 100,000 per occurrence
- F-Med Pay - 1,000 per person
Which policies cover essentially the same perils?
HO-2, HO-4, HO-6
What is one major difference when it comes to perils when comparing Dwelling and Homeowners?
Dwelling does not cover theft
Homeowners covers theft
What are the exclusions to Property Coverages for Homeowners Policy?
- Aircraft except model or hobby
- Animals, birds or fish with the exception of damage caused by deer
- Motor vehicles except for vehicles that are not street legal
- Property of roomers or boarders
- Wind & hail damage to antennas, greenhouses, cloth awnings, and satellite dishes
- Flood, surface waters, backup of sewers or drains. However ensuing losses are covered
- Earth movement or tremors. However ensuing losses are covered
- Wear and tear, deterioration, mechanical breakdown
- Industrial or agricultural smoke
- War, nuclear war, government action
- Mold, fungus, mildew
- Vandalism if property is vacant for more than 90 days
- Theft off premises: building materials, trailers, campers, watercraft or property at a secondary residence
- Business data
- Articles ensured elsewhere
Property subject to limitations under Texas Homeowners Policy
- $200 for money or precious metals (includes gift cards)
- $1,500 for securities, stamps or tickets
- $1,500 for watercraft and trailer on premises
- $1,500 for electronic apparatus and accessories in vehicle
- $1,500 for gems, jewelry, furs for theft (if over this amount, can cover separately by an endorsement)
- $2,500 for loss by theft of silverware, gold ware, platinum ware, tea sets, trays, trophies
- $2,500 for loss by theft of firearms and equipment
- $2,500 for business or office contents on premises ($500 if off premises)
What are the liability coverage for Texas Homeowners policy?
Coverage E - Personal Liability (BI & PD)
Coverage F - Medical Payments to Others
What does Coverage E - Personal Liability BI & PD cover on Texas Homeowner policy?
Pays for legal damages resulting from bodily injury and property damage that the insured is responsible for to third parties.
Basic limit is $100,000 on a per occurrence basis up to 1,000,000
