HO Policies Flashcards
WHO IS ELIGIBLE FOR HO POLICIES?
OWNER/OCCUPANTS NOT EXCEEDING 4 FAMILIES OR TWO BOARDERS/ROOMERS PER FAMILY (HO 2, 3, 5 & 8),
TENANTS IN NON-OWNED BUILDINGS, CONDO OWNERS, MOBILE HOMES (WITH ENDORSEMENT)
WHO IS AN INSURED UNDER HO POLICIES?
“YOU”, RELATIVES, AND OTHERS UNDER 21 IN CARE OF “YOU” OR RELATIVES
ARE STUDENTS COVERED UNDER HO POLICIES?
YES, PROVIDED THEY ARE UNDER 24, AND A RELATIVE UNDER 21 AND IN “YOUR” CARE
WHAT ARE THE FORMS UNDER HO?
HO2 - BROAD
HO3 - SPECIAL
HO4 - TENANTS (AKA CONTENTS BROAD)
HO5 - DELUXE (OPEN PERILS)
HO6 - CONDO UNIT
HO8 - MODIFIED
WHAT ARE THE TWO SECTIONS OF HO POLICIES?
SECTION I - PROPERTY
SECTION II - LIABILITY
WHICH FORMS HAVE OPEN PERIL COVERAGE FOR DWELLING?
HO3 & HO5
WHICH FORM HAS OPEN PERIL COVERAGE FOR PERSONAL PROPERTY?
ONLY THE HO5
HOW ARE STRUCTURES VALUATED ON THE HO2, HO3 & HO5?
REPLACEMENT COST
WHICH FORMS DO NOT COVER THE DWELLING?
HO4, HO6 & HO8
HOW MUCH DOES DEBRIS REMOVAL PAY?
UP TO $1000
HOW MUCH ARE TREES, SHRUBS AND OTHER PLANTS COVERED FOR?
UP TO 5% OF COVERAGE A FOR A MAX OF $500 PER
HOW MUCH COVERAGE FOR CREDIT CARDS?
$500
HOW MUCH FOR ORDINANCE OR LAW?
10% OF COVERAGE A
HOW MUCH FOR GRAVE MARKERS?
UP TO $5,000
SETTLEMENT PROVISIONS FOR COVERAGE A
REPLACEMENT COST AS LONG AS CO-INSURANCE IS ADEQUATE
WHAT ARE THE COVERAGES?
A - DWELLING
B - OTHER STRUCTURES
C - PERSONAL PROP
D - LOSS OF USE
E - PERSONAL LIABILITY
F - MED PYMTS TO OTHERS
LIMITS OF COVERAGE FOR B
10% OF A FOR 1-2 FAMILY DWELLING
5% OF A FOR 3-4 FAMILY DWELLING
LIMITS OF COVERAGE C
50% OF COVERAGE A FOR 1-2 FAMILY DWELLING
30% FOR 3 FAMILY DWELLING
25% FOR 4 FAMILY DWELLING
LIMITS OF COVERAGE D
30% OF COVERAGE A ON HO2, HO3 AND HO5
30% OF COVERAGE C ON HO4
50% OF COVERAGE C ON HO6
10% OF COVERAGE A ONO8
EXCLUSIONS UNDER COVERAGE C
ANIMALS, AUTOS, AIRCRAFT, PROP OF ROOMERS/BOARDERS NOT RELATED TO INSD, PROPERTY SCHEDULED ELSEWHERE (SUCH AS A JEWELRY FLOATER)
SPECIAL LIMITS OF LIABILITY FOR THEFT OF JEWELERY OR FURS
$1500
SPECIAL LIMITS OF LIABILITY FOR THEFT OF FIREARMS
$2500
HOW ARE LOSSES TO PERSONAL PROPERTY VALUATED UNDER HO POLICIES?
ACV UNLESS REPLACEMENT COST ENDORSEMENT ADDED
WHAT IS THE MINIMUM LIMIT FOR COVERAGE F?
$1000
WITHIN HOW MANY YEARS MUST MED PAY CLAIMS BE MADE FOR PAYMENT TO APPLY?
3
DOES MED PAY COVER INSDS ON HO POLICIES?
NO - ONLY OTHERS
WHAT KIND OF MOTOR BOAT IS COVERED UNDER HO?
OUTBOARD MOTOR ONLY, WITH 25 HP OR LESS.
NO SAILING VESSEL MORE THAN 26 FEET
HOW MUCH IS PROVIDED FOR LOSS OF EARNINGS UNDER ADD’L COVERAGES
$250 per day
HOW MUCH FOR DAMAGE TO PROPERTY OF OTHERS UNDER ADD’L COVERAGES?
$1000
HOW MANY DAYS IS AN INSURER REQUIRED TO GIVE THEIR INSD FOR NON-RENEWAL?
30
HOW IS NEWLY ACQUIRED JEWELERY, FURS AND CAMERAS COVERAGE HANDLED?
MUST BE REPORTED WITHIN 30 DAYS AND PAY ADD’L PREMIUM
UP TO 25% OF INSURANCE PROVIDED; MAX OF $10,000
