Property Coverage Forms Flashcards
What is dwelling coverage A?
The portion of your homeowners policy that covers repairing or rebuilding your home after it’s damaged by a covered peril.
What is dwelling coverage B?
Other structures insurance coverage, is the part of your homeowners policy that protects structures on your property not physically connected to your home, such as a detached garage, storage shed, or gazebo.
What is dwelling coverage C?
Personal property coverage, which is Coverage C within home insurance policies, helps to pay for your personal items that have been damaged, destroyed or stolen due to a covered peril.
What is dwelling coverage D?
Coverage D in your home insurance policy can pay for additional living expenses, such as the cost of: Renting a place to stay.
What is dwelling coverage E?
Covers the cost of living expenses should your property become uninhabitable due to a covered loss.
What is DP-1 coverage?
Dwelling Fire Form 1, is a type of home insurance policy that protects a house from nine named perils – most notably fire. It’s usually used to insure vacant homes but can also be used for rental properties.
What is DP-2 coverage?
DP2 policy, is a named-perils insurance policy designed for rental properties. … A DP2 policy insures your property for its replacement cost, which offers the full amount to replace or repair the property with new, similar items.
What is DP-3 coverage?
Much like an HO3 policy, a DP3 policy, also called dwelling property insurance, covers your home and other structures on your property.
What is HO-1 coverage?
An HO-1, or “basic form,” is a policy that typically helps cover 10 perils. For example, falling objects or the weight of ice are perils not covered by an HO-1 form.
What is HO-2 coverage?
An HO2 policy is another basic homeowners insurance policy. It covers the 10 perils listed on an HO1 policy, and some additional perils, including falling objects, and weight of snow, sleet, or ice.
What is HO-3 coverage?
HO 3 insures the described owner-occupied dwelling, private structures in connection with the dwelling, unscheduled personal property on and away from the premises, and loss of use.
What is HO-4 coverage?
HO-4 insurance is the technical term for renters insurance. While your landlord insures the physical structure of the building you live in, an HO-4 policy protects your personal possessions if they are damaged under certain circumstances.
What is HO-6 coverage?
HO6 insurance policy is homeowners insurance for those who own a condominium or co-op unit. As a condo or co-op unit owner, you own and are likely responsible for damages to your unit.
What is HO-8 coverage?
The HO-8 form is a modified version that provides coverage for homeowners unable to attain an HO-3 policy for their older home — typically more than 40 years old. Under an HO-8 policy, the insured’s dwelling, personal property, liability, and loss of use are covered.
