Homeowners Policy (HO)Question 105 of 474
Which homeowners form is specifically designed for older homes where the market value is far below the replacement cost?
a.HO-8 Modified Form
b.HO-2 Broad Form
c.HO-3 Special Form
d.HO-5 Comprehensive Form
Explanation
HO-8 is the Modified form. It is used for older or historic homes whose replacement cost greatly exceeds market value; dwelling losses are settled on an actual cash value or functional-replacement basis rather than full replacement cost.
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Related questions on this topic
- Which homeowners form is the most commonly written policy for an owner-occupied single-family dwelling in California?
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- A college student rents an apartment and wants to insure her electronics, clothing, and personal liability. Which form is appropriate?
- Under a standard HO-3 policy, the limit for Coverage B (Other Structures) is what percentage of Coverage A (Dwelling)?
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- Coverage D on a homeowners policy primarily reimburses the insured for which of the following?
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