Homeowners Policy Flashcards
HO # of dwellings
1-4
What type of insurance contract is a HO?
multiple-line: both property and liability coverage
Each family unit of an HO may be occupied by:
No more than two (2) families or one family and two (2) roomers or boarders
HO Deductible
$250
Who is “Insured” under HO
a. The named insured and spouse that lives in the same household;
b. Any resident relative of the named insured and/or spouse;
c. Students enrolled in school full-time which were residents of the named insured’s household before moving to attend school, provided the students are under the age of twenty-four (24);
d. Any person under the age of twenty-one (21) living in the household who is in the care of the insured;
e. For liability purposes, coverage extends to any person employed by the insured at the residence named in the Declarations such as a maid or nanny.
HO Coverage A
insures the residence premises (dwelling) and any attached structures
HO Coverage B
covers unattached structures separated by clear space from the dwelling
*10% of the limit of liability that applies to Coverage A
HO Coverage C
Personal Property covers normal household or personal property that belongs to the insured residents of the dwelling.
*50% of the Coverage A limit.
**Limit for Property at Other Residences is 10% of the limit of liability for Coverage C, or $1,000, whichever is greater.
HO Broad Perils (4)
- WCSHAVER
- VMM
- Theft
- BIGAFFECT
HO Coverage D
Loss of Use
How much will the policy pay for tree removal?
$500
How much will a HO pay for fire dpt?
$500
HO policy pays for property removed from the premises due to a covered endangering covered peril for __ days
30
HO limit for credit cards
$500
Loss Assessment Amount ($)
$1000
Glass breakage is not covered after __ days vacant
60
Landlord’s Furnishing amount
$2500
