15 Tour Property 7. The form and format of the homeowner's insurance policy What are the different forms of the homeowner's policy? Homeowners have four forms of homeowner's policies (HO-1, HO-2, HO-3, and HO-8), whereas renters and owners of condominiums have two forms (H0-4 and H0-6). Although there are differences in the coverages provided by the different policies, their formats tend to be the same Consider the following statements regarding the format of a homeowner's policy 1. Homes made of brick located in areas with low crime rates and frequent fire hydrants are more likely to experience relatively high premiums, all other things being equal 2. Section It of the homeowner's policy applies to the dwelling, adjacent structures, and the insured's personal property 3. A homeowner's policy also protects the trees, plants, lawn around an insured's home against certain paris 4. Comprehensive policies provide protection against all perils except for those that are specifically excluded. 5. An HO-8 policy protects your personal property against the same covered perils as are specified in the HO-1 policy The following statements are true: Statements 2, 4, and 5 Statements 2, 3, and 4 Statements 3, 4, and 5 Statements 4 and 5 Section II of the homeowner's policy provides which types of insurance coverage? Check all that apply. Comprehensive coverage against intentional wrongdoing carried out by the insured homeowner 0 0 Medical payments coverage for the homeowner's family members Comprehensive personal liability coverage Which of the following are coverages provided by Section II of the homeowner's policy? Check all that apply. Unlimited medical coverage for falling down the stairs O DO The cost of defending the insured homeowner The payment of court costs Consider the following situations and, based solely on the information given, indicate the most appropriate form of homeowner's policy or supplemental floater. Recommended Policy Situation This policy is often recommended for older houses whose replacement costs are significantly greater than their market values. This policy is not often recommended because its list of covered perits is relatively limited. This policy is recommended for policyholders living in a rental house, apartment, or other dwelling. An individual who owns an extensive art collection or furs or fine art that is worth more than the traditional coverage provided by Part of the homeowner's policy receives better protection using which of the following insurance products? A blanket personal property floater A scheduled personal property floater An HO-8 policy