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FIL 250 HO
Homeowners contract analysis
| Question | Answer |
|---|---|
| List the coverages (insuring agreements) in a standard homeowners insurance policy (HO-3). | Coverage A: dwelling, Coverage B: other structures, Coverage C: personal property, Coverage D: loss of use, Coverage E: liability, Coverage F: medical payments to others |
| What is the standard relationship between limits for coverages in an HO-3 policy? | property coverage limits are tied to the limit on the dwelling. coverage B is 10% of the dwelling, coverage C is 50%, and coverage D is 30% |
| What is the difference between HO-2 and HO-3? | both cover the dwelling, other structures and personal property. HO-2 covers all on a named peril basis, HO-3 covers the dwelling and other structures on an open peril basis |
| What is the difference between HO-3 and HO-5? | both cover the dwelling, other structures and personal property. HO-3 covers personal property on a named peril basis, HO-5 covers everything on an open peril basis |
| What is the difference between HO-3 and HO-4? | HO-4 is renter's insurance and has no coverage for the dwelling or other structures. personal property is covered on a named peril basis for both forms |
| What is HO-6? | homeowners insurance for condominium owners which provides only a small amount of coverage for the dwelling and other structures. |
| What is HO-8? | designed for older homes, it does not pay replacement cost for damage to the dwelling since these costs may exceed the market value of the home |
| Who is insured under homeowners policies? | the named insured (listed in the decs page), spouse, other resident relatives, others under 21 in the house, and full-time students away from home |
| What exclusions are listed in the coverage for personal property in HO-3? | items covered by other policies (such as cars), pets, items not typical (planes and hovercraft), personal property of tenants |
| What are three categories of losses under the loss of use insuring agreement in HO-3? | additional living expense, loss of rent, governmental authority (prohibited use) |
| What are some additional property coverages listed in HO-3? | debris removal, temporary reasonable repairs, fire dept service charge, unauthorized use of credit cards, association loss assessments |
| What are some general excluded perils under section I of HO-3? | ordinance or law (increased costs due to building code upgrades), earth movement, flood, general power failure, war/nuclear hazard, neglect |
| What is the standard valuation basis under HO-3? | Personal property is based on ACV, damage to the dwelling is based on the maximum of ACV and the replacement value (after adjusting for any coinsurance penalty) |
| What are some exclusions listed in section II of HO-3? | motor vehicle liability, expect/intentional injury, business/professional liability, communicable diseases, liability arising controlled substances, workers compensation |
| inflation guard endorsement | for property coverages (section I), this increases the policy limits by listed percentage each year (and pro rata increase during the year) |
| CLUE report | a database that shows historical property claims for a given address over the last 5 years |
Created by:
isufil250
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