Homeowners Policy Concepts

Front

What is a homeowners policy?

Back

A package policy combining property and liability coverage for owner-occupied residences, including dwelling and personal property protection, personal liability and medical payments to others, and additional living expenses.

Front

What types of properties are eligible for homeowners policies?

Back

Eligible properties include 1–4 family dwellings (owner-occupied), townhomes and condominiums, tenants (for renters insurance), and seasonal or secondary homes (with restrictions).

Front

What types of properties are ineligible for homeowners policies?

Back

Ineligible properties include farms, mobile homes (unless endorsed), and businesses operated from home (unless incidental).

Front

What is the purpose of a homeowners policy?

Back

To provide comprehensive protection for homeowners against property loss and personal liability by bundling multiple protections into one policy.

Front

Who is considered an insured under a homeowners policy?

Back

Named insured, spouse, and resident relatives are considered insured under the policy.

Front

What is the definition of 'Residence Premises' in a homeowners policy?

Back

The dwelling listed in the declarations.

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What is the definition of 'Occurrence' in a homeowners policy?

Back

An accident resulting in bodily injury or property damage.

Front

What is the definition of 'Insured Location' in a homeowners policy?

Back

Includes the residence and temporary locations.

Front

What are the basic perils covered under HO-1 and HO-8?

Back

Fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism or malicious mischief, theft, and volcanic eruption.

Front

What additional perils are covered under broad perils (HO-2, HO-4, HO-6)?

Back

Falling objects, weight of ice, snow, or sleet, accidental discharge or overflow of water/steam, sudden rupture of heating or AC systems, freezing of plumbing, and sudden damage from electrical current.