Homeowners policies

Question 1

What is the standard deductible on a homeowners policy?

Answer 1

$250

Question 2

What are the limits for occupants in a homeowners policy?

Answer 2

2 families, 2 boarders

Question 3

What is an HO-6 policy written for?

Answer 3

Condominum

Question 4

What is the standard dwelling amount on a HO-6 policy?

Answer 4

$1000

Question 5

What is a HO-4 policy written for?

Answer 5

Renters

Question 6

What coverages are not included in a renters policy?

Answer 6

A- Dwelling and B- Other structures

Question 7

What is the most common HO policy?

Answer 7

HO-3

Question 8

Which 2 HO policies are not open peril (special form)?

Answer 8

HO-2 and HO-8

Question 9

What is HO-8 primarily used for?

Answer 9

Older homes or historic homes with high replacement cost

Question 10

What is HO-2 policy used for?

Answer 10

No one has ever written one. When the first one is, it will be the answer to this question.

Question 11

What is the standard personal property coverage (Coverage C) on an HO policy?

Answer 11

50% of Coverage A, except on HO-4 and HO-6 (on these the applicant chooses their coverage amount)

Question 12

In coverage C, personal property coverage, there are special sub limits for valuable items. Which ones are NOT $1500 limits?

Answer 12

Money, gold, silver, etc. (hard currency $200); Firearms (10% of C, max $10000); silverware, goldware, or pewter (25% C); property for business ($2500); property off premises used for business ($250)

Question 13

What are the standard limits on coverage B?

Answer 13

10% of coverage A, none on HO4/6

Question 14

What are the standard limits on coverage D?

Answer 14

20% of coverage A (40% on HO-6)

Question 15

List what coverage A,B,C, and D are on an HO policy.

Answer 15

A- Dwelling, B- other structures, C- personal property, D- loss of use