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17 Cards in this Set
- Front
- Back
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Which homeowners policy is most common? |
HO-3: special form (open perils) |
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HO-2 |
Home Owners Named Perils |
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HO-3 |
Home Open Perils |
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HO-4 |
Renters Contents Broad Form: covers tenants personal property on named perils basis. |
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HO-5 |
Home ALL open perils |
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HO-6 |
Codo |
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HO-8 |
Old Homes Named Perils |
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Broad and Basic Perils (18) |
Broad: VVV WEATHR FS Basic: SWADe FF
Broad: Vehicle, Vandalism, Volcanoe
Wind, Explosion, Aircraft, Theft, Hail, Riot
Fire, Smoke
Basic: Sudden burt of appliances Weight of ice/snow Accidental overflow/discharge Damages from Electrical current
Freezing of system/appliances Falling objects |
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HO Section 1 |
A: Dwelling/Attached structures B: Other structures C: Personal property D: Loss of use |
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Section 1 Exclusions |
Concurrent Causation Ordinance or law cause Earth movement Certain water losses Neglect, power failure, design flaw Intentional loss War, government Failure to act Nuclear hazard Certain weather conditions |
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Insureds under Homeowners |
Named insured and spouse Resident relatives Other persons under age 21 Full-time student away from home |
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Coinsurance calculation |
Actual amount of coverage / Required amount of coverage x Loss = Reimbursement Required amount= 80% of replacement value |
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Section 2 Coverage E |
Personal Liability Covers claim or suit in result of bodily injury or property damage caused by insureds neglegence. |
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Section 2 Coverage F |
Medical Payments To Others Pays small medical expenses for injuries on property cause by accident, animal, or resident employment. Does not apply to regular residents |
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Exclusions to Section 2 |
Motor vehicle liability Aircraft Intentional/expected injury Business activities Professional services War Excluded bodily injury |
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Homeowners Cost Factors |
Type of construction Location Fire protection class Construction costs Type of policy Deductible amount Insurance score Insurance score |
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Reccomedstions for purchasing HO |
Carry adequate coverage Add endorsements needed Shop around Consider a higher deductible Take discounts Don't ignore floods/earthquakes Improve credit Consider umbrella |
