Homeowners Policy Part 1

Card Set Information

Author:
jmck5266
ID:
269326
Filename:
Homeowners Policy Part 1
Updated:
2014-04-05 16:57:57
Tags:
Insurance
Folders:
Insurance
Description:
Lesson 15
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  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.

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