Homeowners Forms


Homeowners 8 - Modified Coverage Form


This form is designed for property owners who wish to insure their
property on an actual cash value basis rather than for replacement cost
basis.  Coverage is on an actual cash value basis and no replacement
coverage is available.

Coverage on personal property off the premises is limited to 10% of the
personal property limit or $1,000, whichever is greater.

Trees, Shrubs and Other Plants - Coverage on any single plant, tree, or
shrub is limited to $500.

Residence Theft - losses by theft from the premises is limited to $1,000;
there is no coverage for losses which occur away from the premises
unless the theft occurs from an insured property that is kept in a bank,
safe deposit company or from a public warehouse.

Coverage on theft losses may be increased by endorsement to $5,000
on premises.  When the insured has increased the on-premises
coverage limit, he can purchase $1,000 of theft coverage on
off-premises losses.

Homeowners 2-Broad Form

The Homeowners 2-Broad Form adds to the Homeowners 1 all of the
perils covered under the Dwelling Broad Form (discussed under
Commercial Property Policy - Broad Form).  This analysis of the
Homeowners 2-Broad Form will point out the differences between this
form and the
Homeowners 1-Basic Form.  This section will also discuss
major differences between the Homeowners 2-Broad Form and the
Dwelling Broad Form.  It should be studied along with the discussion on
the Homeowners 1 and the general comments on Homeowners forms.


CAUSES OF LOSS COVERED

Smoke - Smoke from fireplaces is covered as is smoke that escape back
into the home from a boiler, heater or furnace.

Vehicles - There is no restriction of coverage for damage by vehicles to
the building.  However, still no coverage is provided if the vehicle is
driven by an insured or occupant of the dwelling.

Water Damage - All the Homeowners forms except Homeowners 1 cover
losses from the escape of water or steam from within plumbing, heating,
air conditioning systems or from sprinkler systems or from within a
household appliance.

Specifically excluded in all forms are losses due to the backing up of
sewers or drains, or surface or flood waters.

Glass Breakage - The Homeowners 2 does not have a limit on loss to
glass.

CAUSES OF LOSS NOT COVERED

Settling, Cracking, Shrinkage, Bulging or Expansion - Under the
Homeowners 2, there is no coverage for loss caused by shrinkage,
settling, cracking, bulging or expansion.

There is no coverage for damages to outdoor equipments, or awnings of
any type when caused by collapse, nor for damages by this peril to
foundations, patios, pavements, fences, swimming pools, retainer walls,
piers, wharves or docks.  Also excluded is collapse of underground
flues, drains, pipes, cesspools and septic tanks.

FOR HOW MUCH

Loss of Use - Under Homeowners 2, one may apply up to 20% of the
insurance amount on the dwelling to cover Additional Living Expense.


Homeowners 3-Special Form

CAUSES OF LOSS COVERED

Coverage on the dwelling, related private structures and Loss of Use is
almost identical with the "open perils" coverage of the
Commercial
Property Special Form.  The standard Homeowners 3 provides coverage
on unscheduled personal properties on a basis similar to Homeowners 2.
 Personal property coverage may be provided on a risk of direct physical
loss basis by endorsement.

FOR HOW MUCH

The amounts of coverage applicable to the several classes of property
are the same as under the Homeowners 2.  However, the dwelling must
be insured for a minimum of $20,000.

Homeowners 4-Contents Broad Form

The Homeowners 4 applies only to personal property.  It may be
purchased by;
(1) a tenant of an apartment or dwelling; or
(2) the owner-occupant of a dwelling, or an apartment house, not eligible
for any other Homeowners form.

WHAT IS COVERED

The Homeowners 4 covers the same classes of properties that are
insured under the contents section of the other Homeowners forms.  
This limit may be increased by endorsement.  The policy includes
coverage against breakage of glass, but it does not apply in the same
way as under the Homeowners 2 (discussed under HAZARDS
COVERED, to follow).

Building Additions and Alterations - A tenant who is insured under a
Homeowners 4 may apply up to 100% of the insurance amount on his
contents to cover improvements and building additions and alterations.

Tenants and occupants of cooperative apartments under proprietary
leases frequently make extensive alterations and additions to their
apartments which far exceed 100% of the value of their contents
(personal property) in the apartment.   It is important that their insurance
make provisions for increasing the coverage on such additions to the
building and alterations to reflect these increased exposures.

CAUSES OF LOSS COVERED

The policy is virtually identical with the Homeowners 2-Broad Form.  In
the case of glass, the policy does not cover on the all-risk basis of Form
2, but against only the perils specified in the policy.

FOR HOW MUCH

The Homeowners 4 is written for a minimum amount of $6,000 on
Coverage C-Unscheduled Personal Property.  This amount may be
increased by endorsement, but not reduced.  The limit on Loss of Use is
20% of the amount of contents.
MY Insurance Agency
The materials on this website are meant to
be informative in nature.  Due to the ever
changing and varying state laws, and the fact
some insurers offer coverage in slightly
different forms from the Insurance Services
Office (ISO) standard forms, we cannot
guarantee the accuracy of the materials on
this page.
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Homeowners Policy -
Homeowners 5 & Homeowners 6
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Homeowners 1