Ch 3 Homeowners HO-2, HO-3, HO-4, Ho-5 Ho-6 Ho-8- Section 1

residence premises

1 to 4 family dwelling insured must reside in 1 unit if multi units in dwelling

Coverage B - other structures

add'l samt of insurance equal to 10%

Coverage C- personal property

add'l samt of insurance equal to 50% of Cov A beach house- 10% or $1000 study special limits pg. 29

Ho-6 unit owners form

condo unit owner named form peril coverage ACV

HO-4 contents broad form aka renter/tenant form

contents & personal property, paid on ACV

Coverage A - dwelling

covers dwelling but not land on which dwelling is located, theft from dwelling under construction, VMM if dwelling has been vacant more than 60 days, 80%

Ho-2 (Broad form)

dwelling and other structures are insured for broad form perils with losses paid on replacement cost basis contents and personal property insured for broad form perils with losses paid on actual cash value basis does not cover loss to a fence drive way or walk

Ho-3 (special form) open peril

dwelling losses paid on replacement cost contents/personal property ACV

Coverage D - loss of use

indirect loss, additional coverages

Homeowners forms 4 and 6

insure occupants but not structure Ho-4 tenants Ho-6 condo unit-owners

Ho-5 comprehensive form

open peril coverage personal property contents-ACV open peril on dwelling-RC

Eligibility--Homeowners forms 2, 3, 5, 8

owner-occupant for private residential purposes, must be principal residence of insured, no incidental occupancy ( office or professional)

insured location

residence premises, any other used shown on Declarations page, vacant land, but not farm land, cemetery plots, land where residence being built, non business use

deductible

standard deductible $250

Ho-8 modified form

used when insuring older homes replacement value and market value are disproportionate insurance limit is written for market value of dwelling losses to dwelling and contest are paid ACV

insured

you and residents of household who are your relatives, other persons under 21 in your care, student under age of 24 or 21 and in your care