Homeowners Forms
Homeowners 76 Program
The HO-76 program is still used in states where the more recently
developed Home Owners Forms have not been adopted yet, and it
differs from the newer editions in the following respects:
Silverware, Goldware, Pewterware - $1,000 limit on loss by theft of
silverware, silverplated ware, goldware, gold-plated ware and
pewterware.
Money, Gold, Silver, Platinum - limit of $100 on loss of money, coins, bank
notes, bullion, gold other than goldware, platinum, silver other than
silverware, and medals.
Guns - $1,000 limit on loss of guns.
Building Equipment and Outdoor Equipment - Under the Homeowners 76
policy, building and outdoor equipment are considered to be personal
property, and is limited to the coverages afforded on such properties.
Securities, Manuscripts, Tickets, Stamps, etc. - Limit of $500 on
securities, accounts, deeds, evidences of debt, letters of credit, notes
other than bank notes, manuscripts, passports, tickets and stamps.
Credit Cards, Counterfeit Money - $500 limit for such losses.
Jewelry, Watches, Furs - $500 limit on such properties.
Trailers Not Used with Watercraft - The limit is $500.
Unattended Automobiles, Watercraft - The HO76 policy does not cover
theft of properties from unattended vehicles or watercraft unless there
are signs of forcible entry. This exclusion may be deleted by
endorsement.
Homeowners Unemployment Insurance
This policy is available to protect homeowners against being forced to
default on their mortgage payments due to losing their jobs.
Homeowners Unemployment Insurance is offered only at the time of
mortgage application or within six months after they have closed a
mortgage. It is written on an individual basis or through lending
institutions that provide this coverage for all of their eligible borrowers,
escrowing the insurance premiums in their monthly mortgage payments.
This insurance is not to be confused with life or disability insurance
which covers a mortgagor’s obligations to make loan payments. This
type of insurance has been available for many years.
One form of such insurance, called MortgageGuard, is traditionally
offered by home lenders and banks. It is typically an added option to a
mortgage and some banks offer it by increasing a fraction of a point to
their loan settlement costs. Banks and lenders have the flexibility of
premium pricing as well as important coverage features such as length
of coverage, and how long after the loan is closed that the protection is
available. Currently, MortgageGuard is also exploring the possibility of
offering the coverage through property and casualty agents.
The unemployment coverage will pay the full monthly mortgage
payments, which may include a portion of the principal and interests,
property taxes and the cost of the homeowner's insurance on the
property for up to one year of unemployment.
Mobile Home Package Policy
A special package policy, Mobile Home Form 1, has been made available
to cover mobile home owners. The policy is similar to the Homeowners
2-Broad Form. As with all of the Homeowners policies, coverage is
provided for the structure, the contents and the insured’s liability.
There are some differences because of the special nature of the
property and exposure, and they are discussed below.
Loss settlement is typically on the basis of replacement cost but, for
older mobile homes, an endorsement is used in order to provide
coverage on an actual cash value basis.
Unscheduled personal property is subject to specified limits per
occurrence. Similar to other Home Owners forms, several classes of
property are subject to limits.
Coverage on trees, plants, shrubs and lawns damaged in any single
occurrence are limited to $200, subject to a maximum of $100 on any one
single tree or lawn, and a maximum of $25 on any one plant or shrub.
This coverage is limited to the perils of fire, lightning, explosion, riot,
vandalism and malicious mischief.
Up to 10% of the personal property limit may be applied to cover such
property while away from the premises, subject to a modest minimum
coverage, such as $300.
Additional Living Expense coverage under the policy is limited to a daily
dollar amount for a typical maximum of 45 days for which the mobile
home is unlivable due to a covered peril of the policy. Note that these
limits may be increased by endorsement.
Coverage is available under a special endorsement to cover loss or
damages due to collision (generally to facilitate moving a mobile home to
a new location). Coverage A provides coverage for the mobile home
itself. Coverage B provides coverage for the personal properties in the
home. Coverage C provides coverage on the additions, other
appurtenant structures and equipment of the mobile home.
Homeowners 76 Program
The HO-76 program is still used in states where the more recently
developed Home Owners Forms have not been adopted yet, and it
differs from the newer editions in the following respects:
Silverware, Goldware, Pewterware - $1,000 limit on loss by theft of
silverware, silverplated ware, goldware, gold-plated ware and
pewterware.
Money, Gold, Silver, Platinum - limit of $100 on loss of money, coins, bank
notes, bullion, gold other than goldware, platinum, silver other than
silverware, and medals.
Guns - $1,000 limit on loss of guns.
Building Equipment and Outdoor Equipment - Under the Homeowners 76
policy, building and outdoor equipment are considered to be personal
property, and is limited to the coverages afforded on such properties.
Securities, Manuscripts, Tickets, Stamps, etc. - Limit of $500 on
securities, accounts, deeds, evidences of debt, letters of credit, notes
other than bank notes, manuscripts, passports, tickets and stamps.
Credit Cards, Counterfeit Money - $500 limit for such losses.
Jewelry, Watches, Furs - $500 limit on such properties.
Trailers Not Used with Watercraft - The limit is $500.
Unattended Automobiles, Watercraft - The HO76 policy does not cover
theft of properties from unattended vehicles or watercraft unless there
are signs of forcible entry. This exclusion may be deleted by
endorsement.
Homeowners Unemployment Insurance
This policy is available to protect homeowners against being forced to
default on their mortgage payments due to losing their jobs.
Homeowners Unemployment Insurance is offered only at the time of
mortgage application or within six months after they have closed a
mortgage. It is written on an individual basis or through lending
institutions that provide this coverage for all of their eligible borrowers,
escrowing the insurance premiums in their monthly mortgage payments.
This insurance is not to be confused with life or disability insurance
which covers a mortgagor’s obligations to make loan payments. This
type of insurance has been available for many years.
One form of such insurance, called MortgageGuard, is traditionally
offered by home lenders and banks. It is typically an added option to a
mortgage and some banks offer it by increasing a fraction of a point to
their loan settlement costs. Banks and lenders have the flexibility of
premium pricing as well as important coverage features such as length
of coverage, and how long after the loan is closed that the protection is
available. Currently, MortgageGuard is also exploring the possibility of
offering the coverage through property and casualty agents.
The unemployment coverage will pay the full monthly mortgage
payments, which may include a portion of the principal and interests,
property taxes and the cost of the homeowner's insurance on the
property for up to one year of unemployment.
Mobile Home Package Policy
A special package policy, Mobile Home Form 1, has been made available
to cover mobile home owners. The policy is similar to the Homeowners
2-Broad Form. As with all of the Homeowners policies, coverage is
provided for the structure, the contents and the insured’s liability.
There are some differences because of the special nature of the
property and exposure, and they are discussed below.
Loss settlement is typically on the basis of replacement cost but, for
older mobile homes, an endorsement is used in order to provide
coverage on an actual cash value basis.
Unscheduled personal property is subject to specified limits per
occurrence. Similar to other Home Owners forms, several classes of
property are subject to limits.
Coverage on trees, plants, shrubs and lawns damaged in any single
occurrence are limited to $200, subject to a maximum of $100 on any one
single tree or lawn, and a maximum of $25 on any one plant or shrub.
This coverage is limited to the perils of fire, lightning, explosion, riot,
vandalism and malicious mischief.
Up to 10% of the personal property limit may be applied to cover such
property while away from the premises, subject to a modest minimum
coverage, such as $300.
Additional Living Expense coverage under the policy is limited to a daily
dollar amount for a typical maximum of 45 days for which the mobile
home is unlivable due to a covered peril of the policy. Note that these
limits may be increased by endorsement.
Coverage is available under a special endorsement to cover loss or
damages due to collision (generally to facilitate moving a mobile home to
a new location). Coverage A provides coverage for the mobile home
itself. Coverage B provides coverage for the personal properties in the
home. Coverage C provides coverage on the additions, other
appurtenant structures and equipment of the mobile home.
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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.
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.