Homeowners Forms

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The following homeowners forms are available:

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HO2, HO3, HO4 (renter), HO5 (better special form), HO6 (condos), HO8 (older buildings)

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Who is eligible for a homeowner policy?:

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1. Owner/Occupant of a 1-4 family private dwelling (HO2,3,5,8) 2. A tenant in a private dwelling or apartment (renters) (HO4) 3. Owner/Occupant of condo or co-op (HO6)

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HO-8 Policy

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is called the Modified Form this had replaced the HO1 Basic Form. It insures the dwelling, other structures and personal property for the perils of fire, lightning, EC Perils, VMM, theft and glass breakage (Note: No theft coverage off premises and on premise theft losses are limited to $1000. For the purpose of theft coverage premises would include a self-storage facility)

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HO-2 Broad Form

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this insures the dwelling other structures and personal property for the perils of fire, lighting, EC perils, VMM, broad form perils - BIGAFFECT and theft. (Like the DP2)

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H0-3 Special Form

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This insures the dwelling and other structures on an all risk basis, however, personal property Coverage C is only covered on a broad form basis HO-2

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HO-5 Comprehensive Form

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this insures the dwelling, other structures and personal property on an ALL RISK Basis.

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HO-4 Content Broad Form

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This is designed for the tenants of a rented premises. It covers personal property on a broad form Basis Ho-2 and also provides 10% of Coverage C to cover tenants improvements and betterments.

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HO-6-Unit Owners Broad Form

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designed for the owner/occupant of a condo or co-op. It covers personal property on a broad form Basis HO-2 and also provides a limited amount of Coverage A dwelling to cover additions and alterations and also cover property which is the insured’s responsibility under the associations bylaws. (Note: Minimum coverage A is $1000)

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SECTION I-HO4 (renter)

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Coverage A-dwelling- N/A Coverage B-other structure- N/A Coverage C-personal property- 10% is included for improvement & betterments Coverage D-loss of use- 30% of C

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SECTION I HO6 (co-op/condo)

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Coverage A- dwelling-$1000 min Coverage B -other structure- N/A *Coverage C-personal property 50% of Coverage A Coverage D -loss of use- 50% of Coverage C

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*Coverage C (personal property)

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this covers personal property owned or used by the insured worldwide for the entire amount applying to coverage C. The only exception to the worldwide limit is 1. Property usually kept at a secondary residence premises where coverage is limited to 10% of the coverage amount. 2. Property kept at a self-storage facility is limited to 10% of the Coverage C amount

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Limitations on Certain Classes of Personal Property

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1. $200 on money, bullion and coins 2. $1,500 on securities, accounts, manuscripts and stamps 3. $1,500 on watercraft and trailers 4. $1,500 on trailers not used w/ watercraft 5. $1,500 for loss by theft of jewelry and furs 6. $2500 for loss by theft of firearms/accessories 7. $2,500 for loss by theft of silverware, gold ware, pewter ware and platinum ware. 8. $2,500 for loss to business property on residence premises, off premises: $1,500 9. Grave markers covered up to $5,000- cemetery plots considered insured locations. 10. $250 for tapes, records CD’s, discs in or upon in a vehicle used with electronic equipment the reproduces, receives or transmits audio, visual or data signals

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Recovered Property

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The insured has the option to retain recovered property or let it become property of the insurance company. Should the insured choose to retain recovered property, they need only payback the amount received for the settlement. All salvage and recovery losses are that of the insurance company.

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Loss Settlements in the Homeowner Program

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(how do they pay claims

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HO8-

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Is an ACV policy. It is designed for older homes not considered eligible for replacement cost coverage (RC)

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HO2, 3, 5

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Buildings under Coverage’s A and B are at replacement cost without deduction for depreciation provided the insured is carrying the sufficient amount of insurance (at least 80% of replacement cost). Note: Personal Property losses under Coverage C are covered on an ACV basis. (Unless scheduled)

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Debris Removal

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1. this states that the company will pay the cost of cleaning up the property after a loss subject to a policy limit. These expenses are included within the limit of coverage. However, if the amount of direct physical loss and debris removal expense is more than the limit of insurance, an additional 5% of the coverage amount is available for those expenses.

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Reasonable Repairs

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same as dwelling program

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Trees, shrubs, plants and lawns

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coverage is in the amount of 5% of dwelling amount in total but not more than $500 per tree, plant or shrub. (Note: under the HO-8 the per item limit is only $250 and under the H0-4,6 the overall amount is 10% of Coverage C)

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Fire Department Service Charge

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1. same as DP - $500

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Preservation of Property

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this coverage is for 30 days after removal

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Credit Card Forgery and Counterfeit Money Coverage

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1. limited to $1,000 (Note: no deductible applies to this coverage).

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Loss assessment

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1. Limited to $1,000 – policy can be endorsed to higher limit

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8. Ordinance or Law Coverage

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This provides 10% of the dwelling mount for the increased cost in rebuilding to comply with Ordinances or Law regulating construction or repair.

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SECTION II

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(Note: All homeowner’s forms have identical Section II Coverage’s.

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Coverage E- Personal Liability

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For any claim or suit brought against an insured for damages resulting from Bodily Injury (BI) and/or Property Damage (PD) caused by a covered occurrence, the company will pay up to the limit of liability shown in the declarations for any one occurrence. The minimum Coverage E is $100,000 1. Property damage caused intentional by an insured who was 13 years of age or older will not be paid by the company. 2. Personal Injury (PI) claims are excluded but for additional premium the coverage may be added by endorsement. Personal Injury means injury other than bodily injury such as slander. Libel, defamation and invasion of privacy.

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Water Craft Liability

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is covered to the following limitations: a. Out board motor boats maximum horse power is 25 b. Inboard/out board motor boats – maximum horse power is 50 c. Sailboats with or without power must be less than 26 feet in overall length

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Coverage F – Medical Payments to Others (BI)

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The company will pay the necessary medical expenses incurred within 3 years of an accident causing bodily injury (BI) up to the limit of liability shown in the declaration for Coverage F. The minimum Coverage F is $1000 and Coverage F is a no fault coverage.

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Mandatory Coverage under Section II

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1. All additional residence premises 2. All residence employees not required to be covered under workers comp 3. Incidental office occupancies on residence premises

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Scheduled Personal Property Endorsement

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this covers the names insured as well as all family members of the same household. The perils are all risk of loss or damage and the coverage territory is worldwide.

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General Exclusion for Scheduled Property Endorsement:

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1. War 2. Nuclear 3. Wear and tear 4. Gradual deterioration 5. Insects and vermin 6. Inherent vice – This is something internal to the property that happens without external cause - property that can self-destruct.

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Pair and Set Clause-Other than Fine Arts (ie: earrings)

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The insurance company is liable for a fair and reasonable portion of loss that the lost or damaged article bears to the total value of the pair or set. Value of property before-value after=payment

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Pair and Set Clause-Fine Arts

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the insurance company agrees to allowed the insured to surrender the remaining property and collect the full insured amount.

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Section I (of Scheduled Personal Property)

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is for Jewelry - This insures jewelry on a scheduled basis with evidence of value required. Each item must be described with a specific amount of insurance for each. Scheduled Property is typically covered on an ACV basis but for additional premium insured may purchase valued coverage aka agreed value.

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Engagement Rings

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Should be insured in a separate contract in the names of both parties who are not yet family members of the same household. The reason is so that the question of insurable interest is avoided.

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Section II – Furs

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Insures under the same conditions as jewelry

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Section III Cameras

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this insures photographic equipment on a scheduled basis (Note: 1. The insured may purchase a blanket amount for the small items for up to 10% of the scheduled amount. 2. Different rates apply as to amateurs and professionals)

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Section IV Musical Instruments

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this insures instruments on a scheduled basis. The same two notes apply as to cameras

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Section V – Silverware

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this insures silverware on a scheduled or blanket basis but would not cover property such as: Pens and pencils, flasks, smoking implements, jewelry

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Section VI Golfers equipment

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this insures on a blanket basis golf clubs, golf equipment and golf clothing it would also cover street clothing while in a clubhouse locker. (Note: Golf balls are covered for fire and burglary)

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Section VII Fine arts

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examples of fine arts, painting, statuary, rare books, antique furniture. Items of fine arts are insured on a scheduled basis with evidence of valued required. These scheduled items are automatically covered on an Agreed Value Basis not ACV. -Additional Exclusions under fine art: 1. Damage while being worked on 2. Breakage of fragile articles unless caused by: Fire, lightening, aircraft, windstorm, explosion, VMM, theft, earthquake, flood, collision derailment or overturn of transportation conveyance. (Note: For additional premium, this exclusion can be eliminated) 3. No coverage while on exhibition. A separate exhibition floater (insurance) can be purchased.

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Sections VII and IX Stamp and coin collections

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this insured stamps coins and paper money of collectors on a Schedules or Blanket basis. Additional exclusions for stamps and coins: 1. Fading 5. Thinning 2. Tearing 6. Transfer of color 3. Denting 7. Theft from unattended auto 4. Scratching

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*Newly Acquired Property Clause

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as to jewelry, furs, cameras and musical instruments, the insured is granted automatic coverage on newly acquired property only of the kinds presently insured for up to 25% of the scheduled amount for that class of property or $10k (whichever is less). This coverage is for 30 days after acquisition. Similar provisions apply as to fine arts. Coverage is for 25% of the scheduled amount with no cap of $10k and coverage is for 90 days after acquisition.