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Eligibility
- HO-2, HO-3, HO-5 and HO-8 - only for owner occupied dwellings
- HO-4 and HO-6 - to insure personal property and personal liability, do not cover structure, HO-4 for tenants, HO-6 for condominium unit-owners
- Dwellings under construction that are intended to be owner-occupied are also eligible
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HO-2 (Broad Form)
- dwelling and other structures are insured; paid on replacement cost basis
- contents and personal property are insured; paid on an actual cash value basis
- both for broad form perils
- does not cover loss caused by a vehicle owned or operated by insured
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HO-3 (Special Form)
- dwelling and other structures - insured for risk of direct physical loss ( open peril ); paid on replacement cost basis
- contents and personal property - insured for broad form perils; paid on ACV basis
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HO-4 (Contents Broad Form; Renter's or Tenant's Form)
Contents and personal property - broad from peril coverage; paid on actual cash value basis
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HO-5 (Comprehensive Form )
- HO-3 + HO -15= HO-5
- personal property and contents - open peril coverage plus dwelling and other structures
- personal property and contents - paid on ACV basis
- dwelling and other structures - replacement cost basis
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HO-6 (Unit-owners form)
- porperty of a condominium unit-owner - broad form peril coverage
- covers real property - insured is responsible under association's agreement, and insured's personal property while anywhere in the world
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HO-8 (Modified Form)
- insuring older homes where replacement value and market value disporoportionate
- insurance limit - market value of the dwelling
- losses of contents - paid on ACV basis
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Insured
- You and ur relatives
- a relative student under 24 who was enrolled full time before moving out or 21 in your care
- person legally responsible for animals or watercraft owned by an insured
- motor vehicle - persons using the vehicle on an insured location with insured's consent
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Insured locations
- residence premises
- premises shown in Declarations
- a premise in connection with the above
- vacant land and farmland rented to an insured
- land rented by an insured where residence is built
- individual and family cemetery plots
- premises rented to insured for nonbusiness use
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Residence Employee
employee whose duties are related to maintainence or use of residence premises
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Residence Premises
- One to four-family dwelling where the insured resdies
- including other structures and grounds
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Deductible
- policy limit that apply
- the insurer will only pay that part of the total of losses payable under Section 1 that exceeds the deductible amount shown in Declarations
- Std Deductible - $250
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Property Coverage
Coverage A - Dwelling
- covers dwellings and structures attached to it
- not cover
- land;theft if it is under construction;vandalism and malicious mischief if vacant for more than 60days
- amt of insurance at the time of loss equal or exceed 80% of the replacement cost to qualify
- PAINT FOR INTERIOR BUILDING IS INCLUDED
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Property Coverage
Coverage B - Other Strucutres
- provides additional 10% of Coverage amt of insurance
- apply to covered losses to related structures separated from the dwelling
- insurance limit - increase by endorsement
- to qualify - amt of insurance = 80% replacement cost
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Property Coverage
Coverage C - Personal Property
- additional amt of insurance
- 50% of coverage A amt
- apply to personal property including clothing
- anywhere in the world
- to loss belonging to a guest or servant
- if on secondary residence - coverage 10% of amt of Coverage C or $1000; property located on principal residence - without 10% limitation
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Coverage C property coverage limits
- $200 - money
- $1500 - securities, watercraft, theft of jewlery, electronic appratus
- $2500 - theft of silverware, firearms, property for business
- $500 - business property off the residence
- loss of wind or theft - not covered
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Property not covered under Coverage C
- articles separately insured in other insurance
- animals
- motor vheicles
- aircraft
- credit cards
- property of a roomer or tenant
- windstorm damage
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Loss of Use (Indirect Loss)
- pays for any necessary increase in living expenses
- period is limited to the shortest time
- if a part of residence is rented at the time of loss, coverage will pay lost rental value less any expenses that do not continue
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Coverage Limits
- HO-2, HO-3, HO-5 - 30% of coverage A limit
- HO-4 - 30% of coverage C limit
- HO-6 - 50% of coverage C limit
- HO-8 - 10% of coverage A limit
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Earthquake endorsements
- loss cuased by earthquake, provided to property insured under coverages A, B and C,
- does not cover loss to exterior mansonry and loss from flood
- dedtctible - a % of coverage A or C
- deductible - not less than $250
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Home day care coverage endorsement
- coverage is for a home day care business
- insured under coverage C
- additional premium charge - determined by number of children
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