HO-2; HO-8 Flashcards
HO-2 (Broad Form)
-Coverage: Named perils.
-Features: Covers dwelling, other structures, and personal property for named perils.
-Exclusions: Specific inside damage, vehicle damage by residents, water/steam damage if vacant over 60 days.
HO-3 (Special Form)
-Coverage: Open peril for dwelling and other structures; named perils for personal property.
-Features: Broad protection against physical loss.
-Exclusions: Freezing, theft during construction, wear and tear, defective planning, weather conditions contributing to excluded perils.
HO-4 (Renters or Tenants Form)
-Coverage: Named perils for personal property.
-Features: Designed for renters, covers personal property.
-Exclusions: Similar to HO-2, focusing on personal property.
*Renters or contents only
*4 rent (No coverage A or Coverage B)
HO-5 (comprehensive form)
-Coverage: Open peril for dwelling, other structures, and personal property.
-Features: Comprehensive coverage for most risks.
-Exclusions: Similar to HO-3; includes mysterious disappearance.
HO-6(Condominium Form)
-Coverage A: Alterations, appliances, fixtures, improvements.
-Coverage C: Personal property worldwide.
-Coverage D: Additional living expenses, fair rental value.
-Exclusions: Land, certain rented structures, business-conducted structures.
*Condominiums
*covers additional stuff between cheap carpet to owned carpet before peril
HO-8 (Modified Form)
-Coverage: Basic named perils.
-Features: For older homes with practical replacement cost limits.
-Specific Limits: Theft $1,000, worldwide coverage 10% of personal property limit or $1,000, debris removal included in total limit, trees/plants $250, guest/residence employee property on-premises, functional replacement cost basis, glass material $100.
HO-3 vs HO-5
3 is only open on outside; named inside
5 is open on both outside and inside
HO-5 covers mysterious disappearance
5 is better policy
HO
