What are the forms of homeowner policies? - ANSWER-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 - ANSWER-Br...
What are the forms of homeowner policies? - ANSWER-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 - ANSWER-Broad form; owner occupant
HO-3 - ANSWER-Special Form; owner occupant
HO-4 - ANSWER-Tenants or Renters
HO-5 - ANSWER-Comprehensive Form; owner-occupant (open to all except
exclusions)
HO-6 - ANSWER-Condominium Owners
HO-8 - ANSWER-Modified Form for Special Risks (such as older homes that would cost
more to rebuild than they're worth)
Dwelling Basic Form - ANSWER-DP-1
DP-1 - ANSWER-*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 liability 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
property 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 - ANSWER-DP-2
, DP-2 - ANSWER-*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 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 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 conform to
applicable building and land use codes.
-Property removed from the premises to protect from damage is covered for 30 days.
Dwelling Special form - ANSWER-DP-3
DP-3 - ANSWER-*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 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 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 conform to
applicable building and land use codes.
-Property removed from the premises to protect from damage is covered for 30 days.
Commercial Package Policy - ANSWER-Usually begins with coverage for property and
general liability insurance and then other forms of insurance are added on to create a
bundle. A majority of commercial risks may be eligible for coverage under the CPP. You
must have 2 or more policies to be a package.
Commercial Property Conditions Form - ANSWER-Attached to every commercial
property policy, this form establishes the policy provisions with respect to the following
issues:
-Control of property
-Legal action against the insurer
-Other insurance
-Policy period and coverage territory
-Transfer of recovery rights against others (subrogation)
-Concealment, misrepresentation, and fraud
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