A homeowners policy is divided into separate parts called coverages, and each part answers a different question. Was the house damaged? Were belongings ruined or stolen? Does the household need somewhere else to live for a while? Is someone else hurt, or blaming the household for harm?
About 25 minutes
Not marked read
No lesson quiz available yet
Full lesson available
Recommended first: Contract formation and the policy map, Who and what is covered—and what changes it. Suggestions, not required steps.
Open lesson →"HO" is insurance shorthand for a homeowners policy. The number after it names a standard policy form, meaning a pre-written set of policy wording. Each form answers two different questions about a loss:
About 20 minutes
Not marked read
No lesson quiz available yet
Full lesson available
Recommended first: Map a homeowners loss to the right coverage. Suggestions, not required steps.
Open lesson →A coverage gap is a loss that no one's insurance will pay. Renters and condo owners face a particular version of this problem. They live inside a building that someone else insures, either a landlord or a condominium association. It is easy to assume "the building's insurance" protects everything inside. That assumption is where the gap opens.
About 21 minutes
Not marked read
No lesson quiz available yet
Full lesson available
Recommended first: Map a homeowners loss to the right coverage. Suggestions, not required steps.
Open lesson →A dwelling policy insures a residence: the house, separate buildings on the lot, and certain belongings. It works through a dwelling property form, which is a standard set of policy wording. DP-1, DP-2 and DP-3 are three of these forms. They answer two questions differently:
About 29 minutes
Not marked read
No lesson quiz available yet
Full lesson available
Recommended first: Map a homeowners loss to the right coverage. Suggestions, not required steps.
Open lesson →