Part of the Insurance Services Office, Inc. (ISO), homeowners forms portfolio, insures a tenant for direct damage to unscheduled personal property on a broad named perils basis. This policy also provides personal liability coverage and medical payments coverage.
Homeowners Policy Comprehensive Form 5 (HO 5) Definition Part of the Insurance Services Office, Inc. (ISO), homeowners forms portfolio, it insures the described owner-occupied dwelling, other structures in connection with the dwelling, unscheduled personal property on and away from the premises, and loss of use.
HO7 – Mobile Home Insurance. This policy is essentially the same as an HO3 policy, but it provides protection for mobile and manufactured homes. HO8 – Older Houses. This is an insurance policy written for an older home that would cost more to repair than its market value.
The insurance limits are directly related to the replacement cost; thus, this creates a moral hazard if the replacement cost greatly exceeds the market value. The HO 8 form amends the loss settlement basis as well as the insurance-to-value stipulation; this makes insurance coverage more accessible for owners of older, urban homes.
Standard commercial property insurance policies often include coverage for vandalism, but not theft: “Covered Causes of Loss means the following: Vandalism, meaning willful and malicious damage to, or destruction of, the described property.
Read on to find out exactly how tree damage plays into your home insurance coverage. More About Homeowners Insurance and Tree Damage. Tree damage is considered a “falling object” when it comes to home insurance perils. As a result, if a tree falls on your property, your homeowners policy will take care of it —as long as you have proper coverage.