Unit 7 Homeowners ⭐

Homeowners policy that combines property and liability coverage

Package (Multiline) Policy

Maximum dwelling size eligible for homeowners coverage

4-Family Dwelling

Farm dwellings are

Not Eligible

HO-2

Broad Form

HO-3

Special Form

HO-4

Renters Form

What kind of form is HO-5

Comprehensive Form

HO-6

Condominium Owners Form

HO-8

Modified Coverage Form

HO-2 covers

Owner-Occupied Dwellings

HO-3 covers

Owner-Occupied Dwellings

HO-4 covers

Tenants and Renters

HO-5 covers

Owner-Occupied Dwellings

HO-6 covers

Condominium Owners

HO-8 designed for

Older Homes -Basic named perils

HO-2 coverage basis

Named perils (Broad form)

HO-3 coverage basis

Open Perils (dwelling), named perils (PP)

HO-4 coverage basis

Named perils (PP only)

HO-5 coverage basis

Open Perils for Dwelling and Personal Property

HO-6 coverage basis

Named perils (PP, interior)

HO-8 coverage basis

Basic named perils

HO-8 loss settlement basis

Actual Cash Value (ACV)

Coverage A

Dwelling

Coverage B

Other Structures

Coverage C

Personal Property

Coverage D covers

Loss of Use

Coverage E covers

Personal Liability

Coverage F

Medical Payments to Others

Coverage B limit

10% of Coverage A

Coverage C limit in HO-2, HO-3, HO-5, and HO-8

50% of Coverage A

Coverage D limit in HO-2, HO-3, and HO-5

20% of Coverage A

Coverage D limit in HO-8

10% of Coverage A

Coverage C applies

Anywhere in the World

Off-premises personal property limit

10% of Coverage C or $1,000, Whichever Is Greater

Property in transit between residences receives full coverage for how long

30 Days

Coverage D pays (loss of use)

Additional Living Expense and Fair Rental Value

Civil Authority coverage under Coverage D last for how long

2 Weeks

Who Is An Insured

Named insured, resident spouse, resident relatives, students, and minors under 21 in care of insured

First 60 days cancellation notice by insurer requires how many days

10 Days

After 60 days, what is the time period for cancellation for material misrepresentation or increased risk

30 Days

Cancellation for nonpayment of premium time frame

10 Days

Nonrenewal notice time frame

30 Days

Clause protecting the mortgagee regardless of insured actions

Standard Mortgage Clause

Basic homeowners perils

Fire, Lightning, Internal Explosion

WCSHAVVER

Wind, Civil Commotion, Smoke, Hail, Aircraft, Vehicles, Volcanic Eruption, Explosion, Riot, V&MM

All homeowners policies automatically cover

Theft

Theft not covered if committed by

The Insured

Theft excluded from

Dwelling Under Construction

BIG AFFECT

Burglary Damage, Ice/Sleet/Snow, Glass Breakage, Accidental Discharge, Freezing, Falling Objects, Electrical Current, Collapse, Tearing Asunder

Common Homeowners Exclusions

Flood, Earth Movement, War, Nuclear Hazard, Neglect, Intentional Loss, Government Action

Common Property Exclusions

Wear and Tear, Mechanical Breakdown, and Mold

Section 1 Add’l Coverage for debris removal resulting from covered perils

Debris Removal

Section 1 Add’l Coverage for Tree debris removal limit

$1,000 Per Occurrence and $500 Per Tree

Section 1 Add’l Coverage for temporary repairs to prevent further damage

Reasonable Repairs

Section 1 Add’l Coverage Trees, Shrubs, and Plants limit

5% of Coverage A and $500 Per Tree

Section 1 Add’l Coverage Fire Department Service Charge

$500

Section 1 Add’l Coverage Property Removed Coverage Period

30 Days

Section 1 Add’l Coverage Credit Card, Forgery, and Counterfeit Money limit

$500

Section 1 Add’l Coverage Loss Assessment limit

$1,000

Section 1 Add’l Coverage Glass coverage limit in HO-8

$100

Personal Property losses are paid on

Actual Cash Value

Dwelling and Other Structures losses are paid on

Replacement Cost

Replacement Cost requires insurance equal to

80% of Replacement Cost

Section 1 Endorsement covering valuable items individually

Scheduled Personal Property

Section 1 Endorsement providing replacement cost for personal property

Personal Property Replacement Cost

Section 1 Endorsement covering business activities at home

Permitted Incidental Occupancies

Section 1 Endorsement covering land movement

Earthquake Endorsement

Earthquake aftershocks treated as one occurrence for how long

72 Hours

Section 1 Endorsement extending liability for daycare operations

Home Day Care Endorsement

Section 1 Endorsement adding mold coverage (HO-3/HO-5 only)

fungi/rot/bacteria

Coverage E pays for

Bodily Injury and Property Damage Liability

Coverage E base limit

$100,000 Per Occurrence

Coverage E applies

Anywhere in the World

Coverage F base limit

$1,000 Per Person

Coverage F pays expenses incurred within

3 Years

Coverage F pays at a no-_____

No-Fault

Maximum sailboat length automatically covered

Under 26 Feet

Maximum inboard motor automatically covered

50 Horsepower

Maximum outboard motor automatically covered

25 Horsepower

Section II Exclusion

Expected or intended injury, Business pursuits, Rental activities, Aircraft, Watercraft, and Motor Vehicle Liability, Communicable Disease Liability, Sexual Molestation and Controlled Substance Liability

BAILED

Bonds, Aid, Interest, Loss of Earnings, Expenses, Defense Costs

Loss of earnings under BAILED are paid at

$250 Per Day

BAILED payments are

Paid in Addition to Policy Limits

Damage to Property of Others limit

$1,000 Per Occurrence

Endorsement covering libel, slander, false arrest, invasion of privacy, and malicious prosecution

Personal Injury Endorsement

Endorsement covering larger boats

Watercraft Endorsement

Endorsement covering business activities away from the residence

Business Pursuits Endorsement

Additional Coverages Section 1

Debris Removal, Reasonable Repairs, Trees/Shrubs, Property Removed, Fire Dept Service Charge, Ordinance or Law, Glass/Safety, Credit Card/Forgery