Question

2) Comparing homeowners policy forms. (HO-2, HO-3, HO-4, HO-5, HO-6, and HO-8)

In what ways is the coverage for each of the forms similar?

How does the coverage differ among the policies? Address the types of coverage in each, perils covered, benefits provided, types of “homeowners” that each one is tailored for, etc.

2) What are three exclusions from the homeowner’s policy that you think are important for everyone to know about? Explain why.

Answer 1

the various types of homeowners policy forms are as follows :

• H0 2 - It is a broad form which covers perils such as lightning, thunderstorm, fire , hail etc. It also covers living expenses if the insured dwelling is uninhabitable.
• HO 3 - It is a special form which provides minimum coverage for mortgage providers. It covers any direct damage to the house or other structures of the property .
• H0 5 - it is a comprehensive form & is a mixture of HO2 & HO3 & covers damage to personal property unless specifically excluded.
• HO 8 - It is a modified coverage form which includes older houses that have replacement cost which is higher than the market value. Insurers insure the home which is worth it & not more in value so HO 8 pays for cost of repair or replace the damaged property .

• HO 6 - It is a modified HO2 policy which covers owns of condominiums or cooperatives. it covers certain semi-permanent structures, such as carpeting, wallpaper, built-in appliances, and kitchen cabinets.

• HO4 - it is a modified HO2 content broad form which covers renters of rooms or houses . it covers personal property within rented dwelling & outside . it includes liability insurance for damage to property or for injuries to people staying in rented property .

  the three exclusions are earthquakes, floods , any natural disaster , termites , insect damage.