What does an ho2 policy cover?
HO2 Insurance Policy Explained The HO2 policy is a named-perils only insurance policy which means that it covers both your dwelling and personal property from damage caused by events, or perils, specifically named in your policy and nothing else. Some of the common named-perils found in an HO2 policy include: Theft.
What perils are covered by HO2?
The HO-2 covers 16 perils which are: fire, lightning, wind, hail, explosion, riot/civil commotion, aircraft, vehicles, smoke, theft, vandalism/malicious mischief, glass breakage, pipe freezing, volcanic eruption, falling objects, weight of ice, sleet, snow collapse, and electric current.
What is HO2 coverage?
An HO-2 insurance policy covers homeowners on a named perils basis. This means that your policy will only cover damage caused by a peril that is specifically listed in the policy. If your home is damaged by an occurrence that is not specifically listed, it will likely not be covered.
Which of the following coverages is included in an unendorsed homeowners policy?
Fire Damage
If your house is damaged in a fire, a basic homeowners insurance policy should cover the costs to repair the house. An unendorsed policy should also cover the cost of damaged or destroyed contents within your home, such as any appliances or furnishings that wind up charred in the blaze.
Is theft covered under HO2?
Yes — theft is a covered peril on a standard homeowner’s insurance policy. However, coverage may be limited depending on where your personal property was stolen from and what was stolen.
How much does it cost to replace HO2?
HO2 Insurance is Usually Replacement Cost
Actual cash value policies depreciate the value of the material that was damaged before paying out on claims. This means you could be hit with a substantial payout.
Does HO2 cover flood?
While HO2 does offer broader coverage than HO1, it still excludes some common risks you may face. For instance, HO2 includes sudden and accidental discharge of water and steam but usually omits sewer backup and slow leaks. HO-2 also excludes coverage for: Floods.
What does an HO 3 policy cover?
HO-3 policies cover liability expenses and costs of living elsewhere. HO-3 homeowners insurance covers you for a variety of other expenses related to your home beyond your physical property. Common coverages include personal liability, loss of use and medical payments.
Which of the following homeowners Forms is designed to provide named peril coverage for personal property to individuals who rent an apartment?
See the exhibit “How the ISO Homeowners Program Policy Forms Address Personal Risk Management Needs.” The HO-2—Broad Form (HO 00 02), simply known as the HO-2, provides named perils coverage for dwellings, other structures, and personal property.
Which of the following coverages is not included in a standard homeowners policy?
Termites and insect damage, bird or rodent damage, rust, rot, mold, and general wear and tear are not covered. Damage caused by smog or smoke from industrial or agricultural operations is also not covered. If something is poorly made or has a hidden defect, this is generally excluded and won’t be covered.
Which of the following coverages will respond if a claim is made or a suit is brought against an insured for damages due to bodily injury?
The Coverage E—Personal Liability Coverage provisions provide coverage if a claim is made or a suit is brought against an insured because of bodily injury or property damage arising from a covered occurrence.
Which of the following coverages can be found in all homeowners forms but in no unendorsed dwelling policies?
Which of the following coverages can be found in all Homeowners forms but would not be found in an unendorsed Dwelling policy? Answer D is correct. Theft is not included in a dwelling policy without an endorsement.
What type of property would not be covered under the dwelling policy special form coverage a dwelling?
It covers the structure of your home, as well as specific perils that can damage your property. Structures that aren’t directly attached to your home, such as a separate guest house, are not typically covered by dwelling insurance, but may still be covered by other parts of your homeowners insurance policy.
What is covered by a DP 2 that is not covered by DP 1 quizlet?
This coverage is not included in the DP-1 form. Damage to trees, shrubs, plants, or lawns caused by the following perils are NOT covered: wind; hail; weight of snow, ice or sleet; and loss by theft.