Multiline Policies/Package Policies
Policies that contain both property and cacualty coverages in a single contract
Homeowners Policy
Multiline Policy because it provides property and liability insurance in a single policy. More likely to avoid gaps in coverage. HO-2 through HO-8. All provide identical liability coverage.
Homeowners Policy Conditions
1. The named insured must be the owner/occupant of the dwelling. Or renter who maintains
2. The home cannot contain more than four families; one additional family or two roomer or boarders/family
3.Cannot purchase coverage for personal property only unles
Section I of Homeowners
Provides property Insurance
Section II of Homeowners
Provides liability and medical payments
HO-2
Broad form, provides broad coverage for the dwelling and personal property. Breakage of glass and theft are also covered. Provides similiar coverage to DP-1 w/ extended coverage perils and V&MM.
HO-3
Special Form provides open peril coverage to the dwelling and other structures. It provides broad coverage for personal property which is identical to the HO-2's coverage of personal property.
HO-4
Contents broad form, insures tenants, people who do not own the building where they reside. Provides broad coverage for personal property only that is similar to HO-2's and HO-3's and no dwelling.
HO-5
Comprehensive form provides open peril coverage for both dwelling, other structures and personal property.
HO-6
Unit-owners form provides broad coverage on the personal property of condominium owners. Provides very limited dwelling coverage
HO-8
Modified coverage form is designed for older homes with replacement values that may far exceed their market values. It provides basic coverage on the dwelling and personal property as to DP-1, extended coverage perils, V&MM. But includes certain restricti
Homeowners Covers 4 Coverages
Coverage A- dwelling
Coverage B- other strctures
Coverage C-personal Property
Coverage D- Loss of Use
Coverage A- Dwelling
Covers dwelling and structures attached as well as materials and supplies for repair and construction of those structures if they are located on or next to residence. Standard Coverage A under HO-6 is 1,000
Coverage B- Other Structures
Buildings on described premises that are separated by clear space. Neither dwellings or other structures may be used for business.
Coverage C- Personal Property
Coverae for PP owned or used by an insured while it is anywhere in the world. Can apply to others upon request. Covered upto 10% or $1,000, whichever is greater. Coverage is full from start to end of move.
Coverage D- Loss of Use
Provides two types of coverage. If covered property loss makes the residence premises unihabitable the policy will cover additional living expenses related to maintaining the insured's normal standard of living. If part of premises is unihabitable that is
HO-2 expands coverage for these broad named perils
Vehicle and smoke.
Comprehesive Coverage
Insures that dwelling, other structures, and persoal property against loss by the package of special perils. HO-5 and theft "loss by theft, misplacing, or losing" Only policy insuring against mysterious disappearances.
Coverage E- Personal Liability
Covers damages that the insured becomes legally obligated to pay because of bodily injury or property damage caused by an occurance to which coverage applies. Defense $100,000. Considered excess insurance.
Coverage F- Medical Payments
Pays all necessary medical expenses incurred within three years of an accident that causes bodil injury. While injured party is on insured location, location immediately adjoined to insured location, caused by activites of insured, caused by any residence
Scheduled Personal Property Section I
Endorsement that provides a separate schedule of insurance for one or more of nine major categories of valuable property.
Personal Property Replacement Cost Endorsement Section I
The policy will reimburse losses to personal property on a replacement cost basis rather than actual cash value.
Permitted Incidental Occupancies Section I
Overrides the exclusions under the homeowners forms that apply to the insured's business acitivites conducted on the residence premises.
Home day care coverage Section II
Extend homeowners to this type of business