2 Homeowners Insurance Definitions

Question 1

HO-02

Answer 1

Broad Form - Basic Homeowners Coverage

Question 2

HO-03

Answer 2

Special Form - Better Homeowners Coverage

Covers dwelling on open perils basis & contents on named perils basis

Question 3

HO-04

Answer 3

Contents Broad Form - For Tenants/Renters (only covers contents & liability)

Question 4

HO-05

Answer 4

Comprehensive Form - BEST Homeowner’s Coverage

Covers both dwelling & contents on open perils basis

Question 5

HO-06

Answer 5

Unit Owner’s Form - For Condo/Co-Op Owners (“studs in”, not roof or common area)

Question 6

HO-08

Answer 6

Modified Coverage - For Older or Historical Homes Only (less coverage)

Question 7

What does Coverage A refer to?

Answer 7

Address/Abode: Dwelling

(Property)

Question 8

What does Coverage B refer to?

Answer 8

Barn: Other structures

(Property)

Question 9

What does Coverage C refer to?

Answer 9

Crap / Contents: Personal property

(Property)

Question 10

What does Coverage D refer to?

Answer 10

Damaged / Destroyed Digs: Loss of Use / Add’l Living Expenses

(Property)

To pay for expenses while living somewhere else)

Question 11

What does Coverage E refer to?

Answer 11

Exposure to LiabilitE: Personal Liability

(Liability)

Question 12

What does Coverage F refer to?

Answer 12

Fractured Femurs: Medical Payments to Others

(Liability)

Small amount for injury

Question 13

What is a peril?

Answer 13

A cause of a loss

Question 14

What is a hazard?

Answer 14

Increases probability of loss from a peril

Question 15

What is named peril coverage?

Answer 15

Covered if named

Question 16

What is open peril coverage? Aka?

Answer 16

Covers all perils unless excluded. Aka “All Risk”

Question 17

What does the HO-15 Endorsement provide?

Answer 17

Provides open perils coverage to an HO-03 policy

Remember 3 x 5 = 15, as in HO3xHO5=HO15

Question 18

Exclusions Not Covered By Homeowners Insurance

Answer 18

1. Abuse - Intentional damage caused by you or another resident family member
2. Business - Home-based businesses
3. Code - Cost of bringing your home up to code for new local building ordinance or law
4. Dogs - Aggressive or dangerous dogs
5. Earthquakes - and landslides, and another ground movement
6. Flooding
7. Government action
8. Mold
9. Neglect or poor maintenance
10. Power - surges or outages
11. Pests - Termites, rats, and other infestations
12. Nuclear hazards
13. War

(appendix)