Home Owners Policy Flashcards
Coverage A
Dwelling
Coverage B
Other Structures
Coverage C
Personal Property / Contents
Coverage D
Loss of Use
HO Forms in order of coverage
1 8 2 3 5 4 6
Coverage E
Personal Liability
Coverage F
Medical Payments to Others
Memory device for types of coverage in HO forms
basic basic - broad broad - special broad - special special - nothing broad - 1000 broad
All HO forms cover which peril automatically?
Theft
Homeowners pay for losses to your property ONLY if the loss is caused by a covered peril
Cause of Loss
Dwellings and Other Structures are insured on a Replacement Cost Basis only if the buildings are insured for what % of Replacement Cost?
80%
Detached garage, outbuildings, tool sheds, towers, swimming pools, satellite dishes, fences
Other Structures
Where is personal property insured?
Everywhere in the world
HO-4
Apartments
HO-6
Condos
When does a home owners liability coverage pay?
When the actions of the insured lead to the BI or PD to someone else’s property
What does liability never cover?
Intentional acts
Examples of “Better covered elsewhere”
cars, boats, airplanes
Homeowners Liability can pay for what types of losses?
direct, indirect
Homeowners liability covers exposure to who?
Named insured and relatives
Homeowners Policies covers medical bills to who?
“The other guy”
Does Medical Payments cover indirect losses?
No
HO Medical Payments will pay for losses filed within how many years of occurrence?
3 years
Medical Payments pays without regard to….
Fault
