3. 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-B), whereas renters and owners of condominiums have two forms (HO-4 and HO-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. Section 1 of the homeowner's policy applies to the dwelling, adjacent structures, and the insured's personal property 2. Comprehensive personal liability coverage protects the insured against many sources of liability, including negligence 3. Two of the most frequently included penis in homeowner's policies are earthquakes and flooding 4. A home's location and construction materials affect the premiums charged on a homeowner's policy, as do the deductible and amount of coverage carned. S. Homeowner policies cover your pets and livestock as well as your personal car, motorcyde, golf cart, or snowmobile The following statements are true Statements 1, J, and 5 O Statement Statements 1. 2. and 4 Statements 2 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 Medical payments coverage for non-family members Comprehensive personal liability coverage Which of the following are coverages provided by Section It of the homeowner's policy? Check all that apply. The reasonable expense incurred by the homeowner in assisting in the insurance company's defense The costs of injuries from intentional harm Unlimited medical coverage for falling down the stairs 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 HO-B 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 perils is relatively limited. This policy is recommended for policyholders living in a rental house, apartment, or other dwelling HO-8 HO-1 HO-3 An individual who owns an extensive art collection of 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? O A blanket personal property floater O An HO-8 policy A scheduled personal property floater Consider the following situations and, based solely on the information given, indicate the most appropriate form of homeowner's policy or supplemental floater. Situation Recommended Policy This policy is often recommended for older houses whose replacement costs are HO-8 V significantly greater than their market values. This policy is not often recommended because its list of covered penils is relatively limited HOL This policy is recommended for policyholders living in a rental house, apartment, or other HO-1 dwelling HO-4 An individual who owns an extensive art collection or furs or fine art that is worth more than the hal coverage provided by Part of the HO-8 homeowner's policy receives better protection using which of the following insurance products? A blanket personal property floater An HO-8 policy A scheduled personal property floater