Homeowners Policy

Question 1

In a homeowners policy what is the maximum amount of families, roomers or boarders that are allowed per unit

Answer 1

There can be no more that 2 families or 2 roomers or boarders per unit.

Question 2

How many coverage forms are used in regards to homeowners policies and what are they?

Answer 2

Homeowners 02 or HO-2 - Broad 
Homeowners 03 or HO-3 - Special 
Homeowners 04 or HO-4 - Renters or Tenants
Homeowners 05 or HO-5 - Comprehensive 
Homeowners 06 or HO-6 - Condominium
Homeowners 08 or HO-8 - Modified

Question 3

What is an HO-2?

Answer 3

HO-2 (Broad form): Provides protection from NAMED PERILS

Question 4

What is an HO-3?

Answer 4

HO-3 (Special): Provides protection for dwelling and other structures on an open peril basis.

Question 5

What is an HO-4?

Answer 5

HO-4 (Renters and Tenants): Also know as the CONTENTS BROAD FORM, insures personal property for broad perils.

Question 6

What is an HO-5?

Answer 6

HO-5 (Comprehensive): Covers both dwelling and other structures on a OPEN peril basis. Also includes personal property on an OPEN peril basis, with the exception of landlord furnishings in an apartment that is rented. Landlord furnishings are limited to a $2,500 limit and provided on a named peril basis .

Question 7

What is an HO-6?

Answer 7

HO-6 (Condominium unit owners): Expanded coverage to include parts of the building, such as alterations and appliances that the insured is required to insure because of the condo association agreement.

Question 8

What is an HO-8?

Answer 8

HO-8 (Modified coverage): For use when replacement cost is not practical. When the market value for the structure is considerably lower than the replacement cost.

Question 9

What coverage covers the land that the home is located on?

Answer 9

Land is never covered in a homeowners policy

Question 10

In a homeowners policy the loss payment condition states losses too be paid within how many days of receiving proof of loss?

Answer 10

60 Days