Homeowners P&C

• Homeowners policies


  Can be either open peril or named peril
• Named peril policy


  Covers only what is specifically named
• Open peril policy


  Covers anything not specifically excluded
• HO-2


  Named peril policy, provides broad coverage
• HO-3


  Open peril on the structure, named peril on contents
• HO-5


  Open peril on both the structure and contents, most comprehensive coverage
• HO-4


  Renters or contents-only policy
• HO-6


  Condo policy, covers the interior of the unit
• HO-8


  Modified policy for older homes with market value less than replacement cost
• HO-8 has a lower theft limit of $1,000 on-premises
• If renting a condo


  Need an HO-4 (renters) policy, not an HO-6
• Homeowners policies generally cover the same basic coverages, just differ in the extent of coverage
• Mysterious disappearance is covered under an HO-5 policy