Cheat Sheet - Property & Casualty Verified Solutions
What are the forms of homeowner policies? ️HO-2, HO-3, HO-4, HO-5, HO-6, HO-8. Each of these
forms provides identical liability coverage. The property coverage varies with the homeowners form
selected. The following is a list of the forms...
Cheat Sheet - Property & Casualty Verified Solutions What are the forms of homeowner policies? ✔️HO-2, HO -3, HO -4, HO -5, HO -6, HO -8. Each of these forms provides identical liability coverage. The property coverage varies with the homeowners form selected. The following is a list of the forms with the covered perils of each. HO-2 ✔️Broad form; owner occupant HO-3 ✔️Special Form; owner occupant HO-4 ✔️Tenants or Renters HO-5 ✔️Comprehensive Form; owner -occupant (open to all except exclusions) HO-6 ✔️Condominium Owners HO-8 ✔️Modified Form for Special Risks (such as older homes that would cost more to rebuil d than they're worth) Dwelling Basic Form ✔️DP-1 DP-1 ✔️*Dwelling basic form that provides certain other coverages that are automatically included for not additional premium.* -Other structures allows use of up to 10% of the Coverage A limit of liabilit y for covered losses to other structures as described in coverage B. -Debris removal pays for the expense of removing debris as the result of a loss covered by the policy. -Reasonable repairs pays for reasonable costs to make necessary repairs to protect p roperty from further damage following a covered loss. -Improvements, alterations, and additions provide coverage for insureds who are tenants for improvements or alterations made to the dwelling at the tenant's expense -Fire department service charge - pays up to $500 for fire department charges incurred when they're called to save or protect property. -Worldwide coverage provides 10% of coverage C (personal property on premisis) -Rental value - provides up to 20% of Coverage A (dwelling) limit of liability for loss of fair rental value. Dwelling Broad Form ✔️DP-2 DP-2 ✔️*Includes all the coverages in DP -1 plus some other coverages that are not found in DP -1.* + BIG AFFECT -Trees, shrubs, and other plants pays up to 5% of Coverage A limit for damage to tr ees, shrubs, plants. etc. Policy will not pay more than $500 for damage. -Collapse pays for the collapse of the dwelling caused by a specified list of perils. To be considred a collapse, the loss must involve the building or part of building abruptly falling or caving. -Glass or safety glazing material pays for the breakage of glass or safety glazing material and damage to covered property caused by glass breakage. -Ordinance or law coverage allows payment of up to 10% of coverage A limit of liability for the increased cost to repair or rebuild a dwelling or other structure to c onform to applicable building and land use codes. -Property removed from the premises to protect from damage is covered for 30 days. Dwelling Special form ✔️DP-3 DP-3 ✔️*Includes all the coverages in DP -1 plus some other coverages that are not found in D P-1.* + BIG AFFECT -Trees, shrubs, and other plants pays up to 5% of Coverage A limit for damage to trees, shrubs, plants. etc. Policy will not pay more than $500 for damage. -Collapse pays for the collapse of the dwelling caused by a specified list of pe rils. To be considred a collapse, the loss must involve the building or part of building abruptly falling or caving. -Glass or safety glazing material pays for the breakage of glass or safety glazing material and damage to covered property caused by glass breakage. -Ordinance or law coverage allows payment of up to 10% of coverage A limit of liability for the increased cost to repair or rebuild a dwelling or other structure to conform to applicable building and land use codes.
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