{"id":493,"date":"2015-01-05T18:10:26","date_gmt":"2015-01-05T22:10:26","guid":{"rendered":"https:\/\/project-011.com\/?page_id=493"},"modified":"2015-02-26T18:03:37","modified_gmt":"2015-02-26T22:03:37","slug":"homeowner-policy-coverage-format","status":"publish","type":"page","link":"https:\/\/project-011.com\/?page_id=493","title":{"rendered":"Homeowner Policy Coverage Format"},"content":{"rendered":"

\"Homeowner<\/a>Homeowner Policy Coverage Format<\/h1>\n

The policy of choice for those who own homes is the Homeowners Insurance Policy.\u00a0 We must distinguish, however, between owner occupied homes and those occupied by tenants and occupants other than the owner of the property.\u00a0 When the home is not owner occupied the appropriate form of coverage is a dwelling owner policy or a landlord policy.\u00a0 I cover information for landlord policies and dwelling owner policies in a separate place on this website but it is generally true that much of the descriptions for the coverage of a homeowner policy will apply to some of the coverage in dwelling owner policies.\u00a0 There are important differences so they are handled separately.\u00a0 Another point that should be explained here is that a tenant living in a rented house buys a form of homeowner coverage called the Tenant Policy.\u00a0 A Tenant Policy is not sold to owners of rented dwellings.\u00a0 A Tenant Policy is also referred to as an HO-4 policy.\u00a0 When you see the coverage described as a “Tenant Policy” it is referring to a non-owner occupant of a rental structure, whether a single family dwelling or an apartment building, and even though the tenant does not “own” the building, we provide coverage for tenants under homeowner policies as HO=4 coverage.<\/p>\n

There used to be seven different homeowner policy forms (forms of coverage).\u00a0 They were described as HO-1, HO-2, HO-3, HO-4, HO-5, HO-6 and HO-8 type policies.\u00a0 I will briefly describe each.\u00a0 The HO-1 Basic homeowner policy is no longer generally available.\u00a0 Before I start that task I also want to refer to the basics of constructing property coverage for a homeowner form,\u00a0 First there is the types of property we basically include coverage for in every form of the homeowner policy.\u00a0 Secondly, we should understand the types of perils or causes of loss that are provided by each policy type.\u00a0 We should also understand the basic structure of the policy that is true for homeowner policies and how we value property at the time of loss.<\/p>\n

Basic Policy Construction and Coverage Format<\/strong>
\nThe homeowner policy has a similar structure regardless of whether or not it is a HO-2 or an HO-8.\u00a0 The HO-4 Tenant Homeowner and HO-6 Condo Owner policy forms do have notable exceptions and I will cover that here.\u00a0 The following basic policy format exists for all owner occupied policies:<\/p>\n

Section 1 – Property Coverages<\/em><\/strong><\/p>\n

Coverage A – Dwelling at 100% of Replacement Cost
\nCoverage B – Other Structures – Coverage is 10% of Coverage “A “Automatically
\nCoverage C – Personal Property – Automatic Coverage is 50% or 55% of Coverage “A” Amount
\nCoverage D – Loss of Use – Varies from 20% to the Actual Loss Sustained for 12 months after a loss<\/p>\n

Section 2 – Liability Coverages<\/em><\/em><\/strong><\/p>\n

Coverage E – Personal Liability – Minimum of $100,000 up to $1,000,000 depending on carrier
\nCoverage F – Guest Medical Payments – Minimum of $1,000 up to $10,000 depending upon the carrier<\/p>\n

Almost all homeowner policies have a minimum $1,000 deductible today.\u00a0 There are of course a number of policy endorsements and amendments that can be made and coverage “B”, “C”, “D”, “E”, and “F” can all be amended to higher limits.\u00a0 Those that are showing are the limits provided in the basic policy format.<\/p>\n

On coverage “C” (contents) for example, if you purchase the replacement cost endorsement for personal property then those limits are amended to 70% or 75% of coverage “A”.\u00a0 This should give you a good idea of what to expect.<\/p>\n

If you want more personal attention for your unique questions contact Terry McCarthy at (513) 779-7920 Monday – Friday from 9 – 5 most days for time or you can reserve time at most every other time by scheduling the time in advance.<\/p>\n","protected":false},"excerpt":{"rendered":"

Homeowner Policy Coverage Format The policy of choice for those who own homes is the Homeowners Insurance Policy.\u00a0 We must distinguish, however, between owner occupied homes and those occupied by tenants and occupants other than the owner of the property.\u00a0 When the home is not owner occupied the appropriate form of coverage is a dwelling […]<\/p>\n","protected":false},"author":2,"featured_media":0,"parent":12,"menu_order":0,"comment_status":"open","ping_status":"open","template":"tpl-property-insurance.php","meta":{"footnotes":""},"class_list":["post-493","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/project-011.com\/index.php?rest_route=\/wp\/v2\/pages\/493","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/project-011.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/project-011.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/project-011.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/project-011.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=493"}],"version-history":[{"count":4,"href":"https:\/\/project-011.com\/index.php?rest_route=\/wp\/v2\/pages\/493\/revisions"}],"predecessor-version":[{"id":1427,"href":"https:\/\/project-011.com\/index.php?rest_route=\/wp\/v2\/pages\/493\/revisions\/1427"}],"up":[{"embeddable":true,"href":"https:\/\/project-011.com\/index.php?rest_route=\/wp\/v2\/pages\/12"}],"wp:attachment":[{"href":"https:\/\/project-011.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}