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The
homeowners forms available from most companies are:
• Homeowners
2 (the Broad form) – covers against
loss by fire, lightning, windstorm, hail, explosion,
riot, civil commotion, aircraft or non-owned vehicle
damage, smoke, glass breakage, vandalism, burglary,
robbery and theft, and volcanic eruption. It also
provides protection for: damage from falling objects;
weight of ice, snow and sleet; sudden and accidental
tearing apart, cracking, burning or bulging of a
steam or hot water heating system (or appliance for
heating water); accidental discharge, leaking or
overflow of water or steam from within a plumbing,
heating or air conditioning system and domestic appliances;
and sudden and accidental injury from artificially
generated currents to electrical appliances, devices,
fixtures and wiring.
• Homeowners
3 (the “Special” form) – offers
the same protection as the Homeowners 2. In addition,
it broadens the coverage to an “open-perils" basis
for building and other structures on the property.
Under an “open-perils” policy, a peril
is covered unless the policy specifically excludes
that peril. The personal property coverage portion
is not open-perils but is the same as provided under
Homeowners 2. It can be provided by endorsement.
• Homeowners
4 (the “Tenants” form) – is
for renters. It covers personal property against
the same perils as Homeowners 2. It also provides
coverage for additional living expenses.
• Homeowners
6 (the “Condominium” form) – is
a policy created to cover the special needs of
condominium owners. It covers loss of personal
property
and building additions and alterations inside the owner’s individual
unit. A variety of endorsements are available to protect the owner’s
interest in the common property of the condominium association and to insure
against any liability created by the unit owner’s share in the common
ownership.
• Homeowners
8 (the “Modified Coverage” form) – is
a homeowners insurance policy designed to aid the
owner-occupied older home whose replacement cost
far exceeds the property’s market value. The
HO 8 policy provides varying methods of loss payment
depending on whether the damaged or destroyed building
is repaired or replaced. The policy insures the dwelling
and other structures on the premises and personal
property against loss by fire or lightning, windstorm
or hail, explosion, riot, civil commotion, vandalism
or malicious mischief, falling aircraft, vehicle
damage, smoke, theft (from within premises only)
and glass breakage. Also includes personal liability
coverage and medical payments coverage for crashes
occurring on the premises to persons other than residents. |
