Homeowners Policy Part 1

  1. Package Policy
    A package policy combines two or more separate coverages, such as property and liability insurance, into a single policy.
  2. Under HO 3 the Policy Covers:
    • The homeowners insurance policy covers:
    • the dwelling under Coverage A
    • other structures under Coverage B
    • personal property under Coverage C
    • loss of use under Coverage D
  3. HO 3 Exclusions
    • ordinance or law
    • earth movement
    • water damage
    • power failure
    • neglect
    • war
    • nuclear hazard
    • intentional loss
    • governmental action
  4. Homeowners Policies
    • HO 2 Insures the dwelling, other structures, and personal property on a named perils basis.
    • HO 3 (Most Popular) Dwelling and other structures on an open perils and personal property on named perils.
    • HO 4 (Tenant's Policy) Personal property on named perils. No dwelling or other structure coverage.
    • HO 5 Insures the dwelling, other structures, and personal property on open perils.
    • HO 6 (Condominiums) Personal property on named perils and limited dwelling coverage.
    • HO 8 Insures older homes┬áhen the replacement cost of a house may substantially exceed its market value, insures the dwelling and other structures based on the amount required to repair or replace the property using common construction materials and methods.
Author
jmck5266
ID
269326
Card Set
Homeowners Policy Part 1
Description
Lesson 15
Updated