07.04. Comparing HO-3 to Other HO Policies

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Author:
COC2
ID:
213101
Filename:
07.04. Comparing HO-3 to Other HO Policies
Updated:
2013-04-12 13:40:46
Tags:
Comparing HO Other Policies
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Description:
Comparing HO-3 to Other HO Policies
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  1. HO-2 vs HO-3
    • covers fewer causes of loss (limited to named perils)
    • only differs in Section I perils
    • burden of proof: with HO-2 burden is on insured to prove loss is covered; with HO-3 it's assumed covered unless insurer can prove otherwise
  2. HO-5 vs HO-3
    • HO-5 is essentially HO-3 modified to provide Coverage C (personal property) by any peril not excluded
    • broader: covers personal property damage due to flood or rain entering by open window, even if no damage to the building
    • special limits extended: ($1,500 jewelry and fur, $2,500 firearm, $2,500 silverware) also applies to items misplaced or lost
  3. HO-4 vs HO-3
    • designed specifically for renters
    • essentially HO-3 w/o Coverages A and B
    • Coverage C limit is chosen (instead of 50% of A)
    • Coverage D = 30% of C (instead of 30% of A)
    • additional coverage for building additions and alteration, limit = 10% of C
    • excludes furnishings provided by landlord
    • ordinance or law is 10% of alteration instead of 10% of A
  4. HO-6 vs HO-3
    • tailored for condo owners
    • HO-6 definition of residence is the unit where insured lives
    • Coverage A includes alteration and appliances, real property exclusive to unit owner, storage shed or garage
    • Coverage A limit is typically $5,000
    • no Coverage B (other structures are included in Coverage A)
    • Coverage C limit is chosen
    • Coverage D is 50% of C instead of 30% of A
    • based on named perils like HO-2
    • trees, shrub plants = 10% of C instead of 5% of A
  5. HO-8 vs HO-3
    designed for use where replacement cost exceeds its market value

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