Homeowners Basics Flashcards
Personal lines
coverage for personal belongings like house and car
Commercial lines
coverage for business properties
Homeowners insurance
for property inhibited by the insured like the house you live in. Budles property and liability coverage
Dwelling insurance
for property not inhibited by the insured like rental property
property coverage (HO)
covers losses to home and associated structures
liability coverage(HO)
covers losses experienced by a third party, for which the policyholder is repsonisble
Homeowner eligibility
must be personal use for u to use or occupy
Buildings that qualify for homeowner insurance
-dwellings that 4 families live in if you’re one of the families
-mobile homes w an endorsement
-dwellings that have a business in it as well but u live there
-buildings under construction
Insurance services office forms (ISO)
for HO policy forms and each provides a different type of coverage
HO-2
broad/cheap form
named peril policy
covers the insured house and personal property
HO-3
special form
open peril for structures and named peril for personal property
HO-4
Contents broad form
for renters only covers personal property doesn’t insure buildings
named peril
HO-5
best coverage and expensive form
has open peril for both personal and building coverage.
HO-6
coverage for condominium owners all Broad form covers insureds belongings and fishiest surfaces but not overall building
named peril
HO-8
named peril and cheap
for older homes which it would cost more to fix house than for labor. covers few perils. ACV.
