Types of Homeowner Policies Flashcards
(13 cards)
What is an HO-2?
Broad Form - Owner Occupant - A B and C are Broad (Specific Perils Only)
What is an HO-3?
Special Form - Owner Occupant - Both A and B are Special, C is Broad
What is an HO-5?
Comprehensive (Best Insurance) - Owner Occupant - A B and C are Special
What is an HO-4?
Insurance for renters (4Rent). Only covers Type C (Possessions)
What is an H0-6?
Insurance for OWNERS of a condo, not the renter.
What is an HO-8?
Modified Form - Used for old homes typically that have not been updated. Provides ONLY Basic for A B and C. (8cient)
What is coverage A, B, C, and D?
A covers the dwelling and all attached units. B covers unattached dwellings (pool house). C covers personal property. D covers lack of use (can’t live in the place due to damage, will pay for a hotel).
What is the scheduled personal property endorsement?
Something that can be added to a homeowner policy for specific expensive items. (Furs, Jewelry, Cameras, Silverware, Fine Art, Stamps). Otherwise, there are limits in a normal policy to the amount that will be paid out.
What is the personal property replacement cost endorsement?
Something that can be added to a homeowners policy that will replace personal items on a replacement cost, vs Actual Cash Value (Replacement minus deprecation)
What is the difference between section I and Section II?
Section I includes coverage types A, B, C, and D. Section II includes coverage types E and F.
What are coverage types E and F?
Coverage type E is Personal Liability Insurance. Coverage F is medical payments to others.
What does coverage type F include?
Pays all medical expenses for up to 3 years to the injured (not the insured). Can occur anywhere. Covers injury whether at fault or not.
What does coverage type E include?
Covers Bodily Injury or Property Damage that the insured is legally required to pay. (At fault) Can occur anywhere.
