HOME OWNER'S INSURANCE

Question 1

Name Home policies HO 1-8

Answer 1

HO-1 BASIC
HO-2 BASIC PLUS
HO-3 BASIC PLUS, PLUS MOST COMON
HO-4 RENTERS
HO-5 BEST (OPEN PERILS DWELLING/PERSONAL PROPERTY
HO-6 CONDOMINIUM
HO-7 MOBILE HOME
HO-8 ANTIQUE HOMES

Question 2

HOME OWNER’S CAUSE OF LOSS
Name open perils

Answer 2

HO 3-5-7 Dwelling/Other structures OPEN PERIL
HO5 PERSONAL PROPERTY OPEN PERIL

Question 3

Home owner’s section 1

Answer 3

Dwelling and other Structures

Question 4

Home owner’s section 2

Answer 4

Liability. identical in all forms

Question 5

HO-8 theft

Answer 5

$1000

Question 6

WHAT is a covered peril on all Homeowners policies?

Answer 6

Volcanic eruption

Question 7

6 COVERAGES OF HOMEOWNER POLICY

Answer 7

Coverage A -Dwelling coverage
Coverage B - Other Structures
Coverage C - Personal Property
Coverage D -Loss of Use
Coverage E - Additional living expense

Question 8

what is covered the HO-6 form?

Answer 8

It covers the walls, floors, and ceilings of dwelling unit.

Question 9

Open peril meaning

Answer 9

covers damage to your home caused by any event, except those your home insurance policy specifically excludes

Question 10

All HO forms except HO-4 and HO-6 the primary amount of insurance is

Answer 10

coverage A

Question 11

HO-4 and HO-6 coverage is

Answer 11

coverage C

Question 12

coverage A provides what kind a replacement? and under what conditions?

Answer 12

RCV with 80% of the co-insurance clause

Question 13

Coverage B is what percentage of what coverage

Answer 13

10% of coverage A for 2 unit condo. 5% of 3-4 unit condo

Question 14

full limit of coverage C applies to personal property where?

Answer 14

anywhere in the world

Question 15

HO-8 coverage C. explain details

Answer 15

only on premises. outside 10% of coverage C of $1000 whatever is greater

Question 16

HO-2, HO-3, HO-5 explain coverage C from where?

Answer 16

a percentage of coverage A

Question 17

HO-2, HO-3, HO-5 list percentages of coverage C

Answer 17

1-2 units 50% of A. 3 units 30% and 4 units 25%

Question 18

Coverage D - Loss of Use on the Homeowners forms provides coverage for “Civil Authority Prohibits Use” for:

Answer 18

2 weeks

Question 19

NOT a typical deductible amount found in Section I of a standard Homeowners policy?

Answer 19

$1500

Question 20

Coverage B - Other Structures
Amounts coverage and from where?

Answer 20

10% of the Coverage A limit for a one or two-family dwelling.
5% of the Coverage A limit for a three or four-family dwelling.

Question 21

Coverage C - Personal Property
Amounts and from where?

Answer 21

50% of the Coverage A limit for a one or two-family dwelling.
30% of the Coverage A limit for a three-family dwelling.
25% of the Coverage A limit for a four-family dwelling.

Question 22

Coverage D -Loss of Use
Amounts coverage and from where?

Answer 22

30% of the Coverage A limit under an HO-2, HO-3, and HO-5.
10% of the Coverage A limit under the HO-8 form.

Question 23

Debris removal. trees. what percentage of where? what’s the most and for one tree

Answer 23

5% of A $1000 is the max $500 per tree

Question 24

Tree removal from HO4 and HO6

Answer 24

10% of C

Question 25

ordinance and law home owners insurance? all included except?

Answer 25

HO1 and HO8

Question 26

what is excluded from collapse on homeowner's insurance

Answer 26

earthquake and sinkhole collapse

Question 27

grave makers home owner's insurance. how much?

Answer 27

$5000

Question 28

exclusions homeowner's insurance?

Answer 28

earth movement, water, war

Question 29

landlord furnishings Amounts paid?

Answer 29

$2500

Question 30

how many days for insured to report loss and how many days from insurance to respond back?

Answer 30

60 days and 30 days

Question 31

home owner's type of settlements A&B - C -

Answer 31

A&B RCV - C ACV -

Question 32

The limit of liability for the additional coverage under the standardized Homeowners forms for "Credit Card, Electronic Fund Transfer Card or Access Device, Forgery and Counterfeit Money" is:

Answer 32

$500

Question 33

WHAT would not be excluded under any of the Homeowners forms?

Answer 33

Explosion of a hot water heater

Question 34

Homeowners policies provide personal liability coverage that follows an insured anywhere in the world under what coverage? Letter?

Answer 34

E

Question 35

A standardized Homeowners policy is best described as:

Answer 35

A package policy that provides both property and liability insurance

Question 36

Loss settlement for personal property that is covered under Coverage C of a standard unendorsed ISO Homeowners policy is on a(n):

Answer 36

ACV

Question 37

An insured has received actual cash value payment from the adjuster for a covered loss. At the time he is satisfied with the payment. He later changes his mind and wants the full replacement value. How many days does he have to submit the receipts to get the replacement cost payment under a HO-3 form?

Answer 37

180 days

Question 38

Under an HO-6 form, the additional coverage for damage to trees, shrubs and other plants is provided at:

Answer 38

10% of the Coverage C limit, or a maximum of $500 for any one tree, shrub, or other plant.