What Homeowners policy form is known as a special form?
HO-3 special form
Under the HO-4 and HO-6 policy forms, property is insured against what type of perils?
Broad form perils
Under Coverage C of an HO-3 policy, what is the amount of insurance provided for personal property?
At least 50% of the Coverage A limit (this applies to all policies except for HO-4 and HO-6)
What Homeowners policy form is known as contents broad form?
HO-4 contents broad form
In homeowners policies what determines the amount an insurer will pay under coverage D
The amount of coverage on a dwelling
How many coverage forms are available in Homeowners policies?
Six coverage forms: HO-2, HO-3, HO-4, HO-5, HO-6, and HO-8
How are the dwelling and other structures covered in an HO-3 policy form?
On an open-peril basis
In order for forms HO-2, HO-3, and HO-5 to provide coverage, a dwelling must be insured for at least what percentage of replacement cost?
80%
What does an ho-5 cover
The dwelling and other structures as well as contents and personal property
What are the limits of theft coverage on an Ho-8 form policy
The actual cash value of what was stolen; however, additional limits may apply to certain classes of property.
What are some of the exclusions from coverage in all of the homeowners forms
Land, structures used for business purposes, animals/birds/fish, aircraft, rented property, electronic data, and motor vehicles
What type of coverage is included in section II of homeowners insurance
Personal liability coverage
An insured with a Homeowners policy has removed property from the insured location to protect it from loss that could be caused by a covered peril. The removal coverage applies for how many days?
30 days
What type of coverage is included in homeowners policies but is not available in dwelling policies
Liability coverage
In general what do homeowners policies cover
Dwellings used primarily as private residences
What are additional coverages available in homeowners policies without additional premium
Debris removal, lawns/plants/shrubs, and trees, removal, reasonable repairs, and fire department service charge
In homeowners policies which coverage provides protection against an indirect or consequential loss
Coverage D - Loss of Use
If an insured is eligible for benefits under workers compensation, would the insureds homeowners policy's coverage f-medical payments pay for bodily injuries
No that coverage will be excluded
What are the major coverages included in a homeowners policy
Coverage A: Dwelling
Coverage B: Other Structures
Coverage C: Personal Property
Coverage D: Loss of Use
When would theft of property of guests and residence employees be covered under the HO-8 form?
Only while on the insured premises
What are the 2 liability coverages included in Homeowners policy forms?
Coverage E: Personal Liability
Coverage F: Medical Payments to Others
What HO form insures a tenant living in an apartment?
HO-4 (tenant broad form)
What is the maximum number of families per covered home that are allowed by homeowners policies
4 families
What HO form covers condominium unit owners?
HO-6 (condominium unit owners)
The HO-4 form does not provide dwelling coverage. Why is that?
HO-4 is written for a tenant residing in a rented dwelling; the tenant does not own the dwelling.
Which is the most limited ho coverage
HO-8 (modified homeowners)