Homeowners Insurance - HO

Question 1

Eligibility of Insureds

Answer 1

• The named insured must be the owner-occupant of the dwelling - special version for renters
• 1-4 family dwellings are permitted if the owner occupies 1 of the units
• Named-Insured CANNOT purchase coverage for only personal property unless the named insured is a renter
• The dwellings must be used exclusively as a residence
• Dwellings under construction are eligible (if the named-insured is to be the occupant)
• Mobile homes (require mobile home endorsement)
• Farm dwellings are NOT eligible

Question 2

Forms/Types of HO Policies

Answer 2

HO-2 - Broad form, owner occupant
HO-3 - Special form, owner occupant
HO-4 - Tenants or renters
HO-5 - Comprehensive form, owner occupant; special form
HO-6 - Condominium owners
HO-8 - Modified form for special risks

Question 3

Coverage A

Answer 3

Dwelling, including property attached, materials on the premises used in construction, no coverage for renter

Question 4

Coverage B

Answer 4

Other structures, separated by a clear space, not attached to the dwelling, not used for business purposes. NOT included in the HO-4 renters policy

Question 5

Coverage C

Answer 5

Personal property, NOT attached to the dwelling, anywhere in the world, guest’s property (if requested)

EXCLUSIONS: pets, motorized vehicles (unless used to service the premises), property of renters or boarders, credit cards, rental property that is part of the apartment

Question 6

Coverage D

Answer 6

loss of use, included in all HO policies

Question 7

Special Limits of Coverage

Answer 7

$200 – money or related property, coins, and precious metals
$1500 – securities, manuscripts & other valuable paper property
$1500 – watercraft, including trailers and equipment
$1500 – trailers not used for watercraft
$1500 – theft of jewelry, watches, furs, and precious and semiprecious stones – s
$2500 – theft of firearms and related equipment
$2500 – theft of silverware, silver-plated ware, goldware, gold-plated ware, platinum ware, platinum-plated ware and pewterware
$2500 - property on the residence premises used primarily for business purposes
$1500 – property away from premises used for business purposes, but not in or upon a motor vehicle
$1500 – portable electronic equipment that is in a motor vehicle and uses its electrical system (cell phone)
$1500 – media used w electronic equipment

Question 8

Basic Named Perils

Answer 8

Fire
Lightning
Internal Explosion
WCSHAVVER
V&MM
Theft

Question 9

Theft Exclusions

Answer 9

Theft by insured
Theft from dwelling under construction
Theft from rental portion of premises
Theft of watercraft off of the premises
Mysterious disappearance

Question 10

Broad Named Perils

Answer 10

All of the basic named perils
BIG AFFECT
Expands smoke to include loss caused by fireplace smoke

Question 11

Special/Open Perils Exclusions

Answer 11

War or acts of war, including undeclared or civil war
Neglect - failure to save your property during or after a loss
Water damage - can be covered in certain geographical areas
Earth movement - can be covered in certain geographical areas
Power failure - off residence premises
Ordinance of law - regulating construction, repair and demolition
Intentional loss by insured or someone else at the insured’s direction
Nuclear hazard