HO Policies

Question 1

WHO IS ELIGIBLE FOR HO POLICIES?

Answer 1

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)

Question 2

WHO IS AN INSURED UNDER HO POLICIES?

Answer 2

“YOU”, RELATIVES, AND OTHERS UNDER 21 IN CARE OF “YOU” OR RELATIVES

Question 3

ARE STUDENTS COVERED UNDER HO POLICIES?

Answer 3

YES, PROVIDED THEY ARE UNDER 24, AND A RELATIVE UNDER 21 AND IN “YOUR” CARE

Question 4

WHAT ARE THE FORMS UNDER HO?

Answer 4

HO2 - BROAD
HO3 - SPECIAL
HO4 - TENANTS (AKA CONTENTS BROAD)
HO5 - DELUXE (OPEN PERILS)
HO6 - CONDO UNIT
HO8 - MODIFIED

Question 5

WHAT ARE THE TWO SECTIONS OF HO POLICIES?

Answer 5

SECTION I - PROPERTY
SECTION II - LIABILITY

Question 6

WHICH FORMS HAVE OPEN PERIL COVERAGE FOR DWELLING?

Answer 6

HO3 & HO5

Question 7

WHICH FORM HAS OPEN PERIL COVERAGE FOR PERSONAL PROPERTY?

Answer 7

ONLY THE HO5

Question 8

HOW ARE STRUCTURES VALUATED ON THE HO2, HO3 & HO5?

Answer 8

REPLACEMENT COST

Question 9

WHICH FORMS DO NOT COVER THE DWELLING?

Answer 9

HO4, HO6 & HO8

Question 10

HOW MUCH DOES DEBRIS REMOVAL PAY?

Answer 10

UP TO $1000

Question 11

HOW MUCH ARE TREES, SHRUBS AND OTHER PLANTS COVERED FOR?

Answer 11

UP TO 5% OF COVERAGE A FOR A MAX OF $500 PER

Question 12

HOW MUCH COVERAGE FOR CREDIT CARDS?

Answer 12

$500

Question 13

HOW MUCH FOR ORDINANCE OR LAW?

Answer 13

10% OF COVERAGE A

Question 14

HOW MUCH FOR GRAVE MARKERS?

Answer 14

UP TO $5,000

Question 14

SETTLEMENT PROVISIONS FOR COVERAGE A

Answer 14

REPLACEMENT COST AS LONG AS CO-INSURANCE IS ADEQUATE

Question 15

WHAT ARE THE COVERAGES?

Answer 15

A - DWELLING
B - OTHER STRUCTURES
C - PERSONAL PROP
D - LOSS OF USE
E - PERSONAL LIABILITY
F - MED PYMTS TO OTHERS

Question 16

LIMITS OF COVERAGE FOR B

Answer 16

10% OF A FOR 1-2 FAMILY DWELLING
5% OF A FOR 3-4 FAMILY DWELLING

Question 17

LIMITS OF COVERAGE C

Answer 17

50% OF COVERAGE A FOR 1-2 FAMILY DWELLING
30% FOR 3 FAMILY DWELLING
25% FOR 4 FAMILY DWELLING

Question 18

LIMITS OF COVERAGE D

Answer 18

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

Question 19

EXCLUSIONS UNDER COVERAGE C

Answer 19

ANIMALS, AUTOS, AIRCRAFT, PROP OF ROOMERS/BOARDERS NOT RELATED TO INSD, PROPERTY SCHEDULED ELSEWHERE (SUCH AS A JEWELRY FLOATER)

Question 20

SPECIAL LIMITS OF LIABILITY FOR THEFT OF JEWELERY OR FURS

Answer 20

$1500

Question 21

SPECIAL LIMITS OF LIABILITY FOR THEFT OF FIREARMS

Answer 21

$2500

Question 22

HOW ARE LOSSES TO PERSONAL PROPERTY VALUATED UNDER HO POLICIES?

Answer 22

ACV UNLESS REPLACEMENT COST ENDORSEMENT ADDED

Question 23

WHAT IS THE MINIMUM LIMIT FOR COVERAGE F?

Answer 23

$1000

Question 24

WITHIN HOW MANY YEARS MUST MED PAY CLAIMS BE MADE FOR PAYMENT TO APPLY?

Answer 24

3

Question 25

DOES MED PAY COVER INSDS ON HO POLICIES?

Answer 25

NO - ONLY OTHERS

Question 26

WHAT KIND OF MOTOR BOAT IS COVERED UNDER HO?

Answer 26

OUTBOARD MOTOR ONLY, WITH 25 HP OR LESS.
NO SAILING VESSEL MORE THAN 26 FEET

Question 27

HOW MUCH IS PROVIDED FOR LOSS OF EARNINGS UNDER ADD’L COVERAGES

Answer 27

$250 per day

Question 28

HOW MUCH FOR DAMAGE TO PROPERTY OF OTHERS UNDER ADD’L COVERAGES?

Answer 28

$1000

Question 29

HOW MANY DAYS IS AN INSURER REQUIRED TO GIVE THEIR INSD FOR NON-RENEWAL?

Answer 29

30

Question 30

HOW IS NEWLY ACQUIRED JEWELERY, FURS AND CAMERAS COVERAGE HANDLED?

Answer 30

MUST BE REPORTED WITHIN 30 DAYS AND PAY ADD’L PREMIUM
UP TO 25% OF INSURANCE PROVIDED; MAX OF $10,000