Types of property policies Flashcards
HO-2 (broad form)
provides protection for losses from named perils
Following are not covered :
Inside building damage by rain, snow, sleet, sand, or dust unless wind or hail damage creates opening
Inside building for loss by falling object, unless falling object first damages the roof on outside wall
Fences driveways, and walks for damage from a vehicle, owned or operated by resident
Damage from water or stream of dwelling is vacant for a period of more than 60 days
HO-3 (special form)
provides protection for dwelling and other structures in an open pearl basis personal property covered only for broad perils
Exclusions :
All property losses and pearls not covered because of limitations of the insuring agreement and journal exclusions
Damage caused by freezing well dwelling is vacant, an occupied, or being constructed, unless taking reasonable care to maintain heat or shut off and drain water supply
Theft in or two a dwelling restructure under construction
VMM dwelling has been vacant for a period of time more than 60 consecutive days
Gradual preventable or unexpected loss, is such as water and tear, latent defect, contamination, bulging or expansion of foundations, pavement, walls or floors
Faulty, inadequate, or defective, planning, zoning, serving design, etc.
Loss is caused by weather conditions to extent that they contribute to causes found in general exclusions
Ask decisions or failure to act
HO-4 (contents broad form)
Usually referred to as tenant broad form includes personal property for broad perils coverage may not be issued to owner occupant may only be written for tenant who resides in a rented dwelling apartment, or mobile home what does not provide coverage on dwelling itself
HO-5 (comprehensive form)
Covers both the dwelling and other structures (basis also covers personal property on (basis with exception of landlord furnishings in an apartment that is rented landlord furnishing is limited up to $2500 limit and provided on the end pearl basis
