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

Related Articles
  1. Insurance

    With HO5 Insurance, You're In Charge

    This home insurance covers everything and will put the onus on your insurance provider.
  2. Insurance

    Have The Right Condo Insurance?

    How well does your condo's master-insurance policy protect you? Here's why you'll probably need separate insurance for your own unit and possessions.
  3. Insurance

    What Is and Isn't Covered by Homeowners Insurance

    Understanding what your insurance covers can be confusing. Learn what almost all insurance policies have in common so you're prepared if disaster strikes.
  4. Insurance

    What Does Renter's Insurance Cover?

    Renter's insurance is supposed to cover a tenant's personal property as well as liability claims, but not all policies deliver.
  5. Insurance

    What Does Renter's Insurance Cover?

    Renter's insurance is supposed to cover a tenant's personal property as well as liability claims, but not all policies deliver.
  6. Insurance

    Homeowner’s Insurance Gaps to Watch Out For

    Wind and flood damage. Sewer backups. Sinkholes. What coverage are you missing that could cost you a bundle in repairs?
  7. Insurance

    Renter's Insurance: A Comprehensive Guide

    Everything you need to know about renter's insurance.
  8. Insurance

    Insurance Coverage: A Business Necessity

    Don't go to work without this policy in place - especially if your work is in your home.
  9. Insurance

    Top 3 Cheapest Homeowners Insurance Companies

    When it comes to finding the cheapest homeowners insurance, it is worth taking the small amount of time required to comparison shop and find the best deal.
Frequently Asked Questions
  1. What's considered to be a good debt-to-income (DTI) ratio?

    Your debt-to-income ratio helps lenders determine your credit worthiness. Find out how to calculate your score and how to ...
  2. What is the difference between a loan and a line of credit?

    Learn to differentiate between lines of credit and standard loans, and determine when you are likely to use each method of ...
  3. What does a Chief Financial Officer (CFO) do?

    A CFO is responsible for accurate reporting of a company's financial information, investing the company's money and identifying ...
  4. How did George Soros break the Bank of England?

    George Soros pocketed $1 billion by betting against the British pound, cementing his reputation as the premier currency speculator ...
Trading Center