Homeowners Policy (HO)Question 285 of 474
The most commonly purchased Homeowners form, which covers the dwelling on an open-perils basis and personal property on a named-perils basis, is the:
a.HO-8
b.HO-3
c.HO-2
d.HO-4
Explanation
The HO-3 (special form) is the most widely purchased Homeowners policy. It insures the dwelling and other structures on an open-perils basis while covering personal property on a named-perils basis. HO-2 covers both on named-perils, HO-4 is the renters form, and HO-8 is a modified form for older homes. The HO-5 comprehensive form extends open-perils coverage to personal property as well.
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Related questions on this topic
- Which of the following claims is EXCLUDED from Section II (Liability) of a homeowners policy?
- Personal property usually located AWAY from the residence premises is covered under Coverage C at the greater of:
- On a standard HO-3 policy, the limit for Coverage D (Loss of Use) is typically:
- A tenant who rents an apartment and wants to insure personal belongings and obtain personal liability coverage should purchase:
- A condominium unit owner who needs to insure the interior of the unit and personal property should buy:
- Under a Homeowners policy, which coverage provides additional living expense when a covered loss makes the home temporarily uninhabitable?
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