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Property, Casualty and Liability Insurance - Exclusions and Covered Forms of Peril for Homeowners Insurance

Eight General Exclusions applicable to ALL Homeowner policies:

  1. War
  2. Neglect
  3. Water damage (can be covered in certain geographical regions)
  4. Earth movement (can be covered in certain geographical regions)
  5. Power failure
  6. Ordinance or law
  7. Intentional loss
  8. Nuclear hazard

Understanding the different types of Homeowners Policies
Covered Perils- Basic, Broad, and Open Form


Forms
Coverage


Coverage A
Dwelling


Coverage B
Structures


Coverage C
Contents


Coverage D
Loss of Use

HO-2 (home) Broad Broad Broad Broad
HO-3 (home) Open Open Broad Open
HO-3/15 (home) Open Open Open Open
HO-8 (older home) Broad Broad Broad Broad
HO-4 (renters) ------ ------ Broad Broad (20%)
HO-6 (condo) ------ ------ Broad Broad (40%)


Perils associated with Basic, Broad, and Open:

Basic Form- remember the acronym--- "RALFH WEST - VVV"

  • Riot, Aircraft, Lightening, Fire, Hail, Windstorm, Explosion, Smoke, Theft, Vandalism, Vehicles, Volcanic
Broad Form- remember the acronym--- "FFAR"
  • Everything in the Basic Form is included in the Broad Form plus FAR
  • Freezing of plumbing, Falling objects, Artificially generated electricity, Rupture of a system
Open Form- The insurer agrees to pay for damage by all perils, except for the eight general exclusions that apply to Homeowner policies
Replacement Values of Lost Property
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