Term
| Homeowner (Ho-2) Broad Form |
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Definition
- Named peril policy
- Insures against all broad perils
- Covers "insured's) house and personal property
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Term
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Definition
- Fire
- Lightning
- Windstorm
- Hail
- Explosion
- Riot/Civil commotion
- Aircraft
- Vehicles
- Smoke
- Vandalism
- Malicious mischief
- Theft
- Volcanic Eruption
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Term
| Homeowners (HO-4)"Contents" |
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Definition
- Known as renters insurance
- only covers personal property
- insured against all (broad form perils)
- does NOT insure house or structures
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Term
| Homeowners (HO-6)"Unit owners" (Condos) |
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Definition
- known as the condo form
- covers owners belongings
- covers all finished surfaces of the INDIVIDUAL condo unit
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Term
| Homeowners (HO-8) "Modified" (most basic) |
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Definition
- Named peril coverage
- covers named perils only
- covers property at acv (actual cash value)
- cheaper in price
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Term
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Definition
- open peril only excludes named perils
- most popular coverage form
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Term
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Definition
- most expensive
- structures and personal
- comprehensive
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Term
| sections of homeowners (HO) policies |
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Definition
- Declaration
- Insuring Agreement
- Definitions
- Property coverage
- Liability coverage
- General Conditions and Endorsements
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