24-1 General Nature of Homeowners Program Section I:Property (this chapter) Liability (covered earlier)

24-2 Homeowners Forms Five standard forms in most jurisdictions HO 00 02Broad HO 00 03Special Form HO 00 04Tenants Broad Form HO 00 06Condominium Unit Owners Form HO 00 08Modified Coverage Form

24-3 Homeowners Section I Coverages Coverage ADwelling Coverage BOther structures Coverage CPersonal property Coverage DLoss of use

24-4 Table 23.1 Homeowners Forms A: Dwelling$15,000 min.$20,000 min.Not covered$1,000$15,000 min. B: Other Structures10% of A10% of ANot coveredPart of A10% of A C: Personal Property50% of A50% of A$6,000 min.$6,000 min.50% of A D: Indirect Loss20% of A20% of A20% of C40% of C10% of A FireOpen PerilSame perilsSame perilsFire Lightningcoverage as Form 2as Form 2Lightning Windstormon DwellingWindstormHailExplosion Riot, CivilSame PerilsRiot, Civil Commotionas Form 2 Commotion Aircrafton personalAircraft VehiclespropertyVehiclesSmokeVandalismTheft Glass BreakageVolcanic Falling Objects eruption Weight of Ice, snow or sleet Discharge or overflow of water or steam Tearing apart, cracking, burning, or bulging Freezing of plumbing, heating, etc. systems Damage from artificial electric current Volcanic eruption CoverageHO 00 02HO 00 03HO 00 04HO 00 06HO 00 08

24-5 Homeowners - Perils Insured HO-2, 4, 6 HO-3 DwellingNamed PerilsOpen Peril Other StructuresNamed PerilsOpen Peril Personal PropertyNamed PerilsNamed Perils Loss of UseNamed PerilsNamed Perils

24-6 Homeowners - Perils Insured The following named perils apply to all property under forms HO-2, 4, and 6 personal property under form HO-3: 1.Fire or lightning 2.Windstorm or hail 3.Explosion 4.Riot or civil commotion 5.Aircraft 6.Vehicles 7.Smoke 8.Vandalism or malicious mischief (more)

24-7 Homeowners - Perils Insured 9.Theft 10.Falling objects 11.Weight of ice, snow or sleet 12.Accidental discharge or overflow of water 13.Sudden and accidental damage to steam or water heating system 14.Freezing of plumbing 15.Damage from artificially generated electricity 16.Volcanic eruption

24-8 Coverage on Dwelling and Other Structures 1.Dwelling shown in declarations and additions attached 2.Materials and supplies located on or next to dwelling used for construction, alteration or repair

24-9 Replacement Cost Coverage 1.If the amount of insurance on the dwelling (or other structure) at the time of loss is at least 80% of the replacement cost of the structure, the loss will be paid without a deduction for depreciation.

24-10 Replacement Cost Coverage 2.If the amount of insurance is less than 80% of replacement cost, payment will be made for the larger of two amounts: the actual cash value of the loss the portion of the replacement cost of the loss that the amount of insurance bears to 80% of the replacement cost value of the structure Payment will be made according to the following formula:

24-11 Replacement Cost Coverage Insurance Carried on Building Replacement Cost of Building X.80 XLoss

24-12 Coverage on Personal Property 1.Covers personal property owned or used by any insured anywhere in the world. 2.At insured’s request, covers property of others on part of residence premises occupied by insured. 3.At insured’s request, covers property of residence employee or guest in any residence occupied by insured.

24-13 Property Excluded Under Contents 1.Items separately insured 2.Animals, birds, fish 3.Motorized vehicles & accessories in or on an auto 4.Tape players, etc. for autos 5.Aircraft and their parts 6.Property of roomers 7.Property in apartment rented or held for rental to others 8.Rental property away from premises 9.Business records, books of account, etc. 10.Credit cards or fund transfer cards

24-14 Contents Dollar Limits $200on money $1,000on valuable papers $1,000on watercraft (and their trailers) $1,000 on other trailers $1,000on jewelry or furs for theft $2,500on silverware for theft $2,000on guns for theft $2,500on business property on premises $250on business property off premises $1,000electronic equipment while in an auto $1,000electronic equipment used for business off premises

24-15 Loss of Use Coverage Applies when an insured peril makes residence premises not fit to live in: 1.Additional Living Expense 2.Fair Rental Value

24-16 Additional Living Expense 1.Applies to portion of dwelling occupied by insured. 2.Pays for necessary increase in cost to continue as nearly as practicable normal standard of living.

24-17 Fair Rental Value 1.Applies to portion of dwelling rented or held for rental. 2.Pays amount for which property could have been rented less expenses that do not continue.

24-18 HO Section I Additional Coverages 1.Debris Removal 2.Reasonable Repairs 3.Trees, Shrubs, Plants 4.Fire Department Service Charge 5.Property Removed 6.Credit Card, Forgery and Counterfeit Money 7.Loss Assessment Coverage 8.Collapse 9.Building Additions and Alterations (HO-4) 10.Ordinance or Law Coverage

24-19 Collapse a.perils insured against in Coverage C b.hidden decay c.hidden insect or vermin damage d.weight of contents, equipment, animals, or people e.weight of rain on a roof f.defects in material or methods used in construction, remodeling or renovation if the collapse occurs during the course of construction, remodeling or renovation.

24-20 Section I General Provisions 1.Insurable interest and limit of liability insurer will not be liable for more than the interest of the insured or the limit of liability.

24-21 Section I General Provisions 2.Duties in event of loss notify insurer of loss notify police in case of theft notify credit card company protect property form further damage; make reasonable repairs prepare inventory of damaged property if insurer requires, show damaged property provide records, submit to examination send insurer sworn proof of loss within 60 days of request

24-22 Section I General Provisions 3.Loss Settlement a.ACV on personal property b.building at replacement cost