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Named peril coverage can apply to your dwelling and personal property coverage, depending on what policy form you have. The most common policy form, HO-3 policies, usually cover personal property ...
An HO-2 policy is a type of homeowners insurance that only covers damages caused by perils specifically named in your policy. An HO-2 typically covers 16 named perils, including damage from fire ...
The most basic home insurance policy is an HO-1, which provides coverage on the structure of your home. ... and your personal property by named perils. HO-3 policies also cover liability ...
Broad "named perils" [5] – this form expands on the "basic form" by adding 6 more covered perils. Again, this is a "named perils" policy. The loss must specifically be listed to receive coverage. Fortunately, the "broad form" is designed to cover the most common forms of property damage. Broad-form covered perils: All basic-form perils
Extended coverage added insurance against loss by the perils of windstorm, hail, explosion, civil commotion, riot and riot attending a strike, aircraft damage, vehicle damage, and smoke damage. [ 1 ] The endorsement has been largely supplanted by what is referred to as "basic" causes-of-loss form first introduced by Insurance Services Office in ...
Property is insured in two main ways—open perils and named perils. Open perils cover all the causes of loss not specifically excluded in the policy. Common exclusions on open peril policies include damage resulting from earthquakes, floods, nuclear incidents, acts of terrorism, and war. Named perils require the actual cause of loss to be ...
Coverage for open perils means any peril not specifically excluded. Your insurance company will provide a list of perils that are not covered, such as damage due to neglect.
Exclusions - Takes coverage away from the insuring agreement by describing property, perils, hazards or losses arising from specific causes which are not covered by the policy. [ 26 ] Conditions - These are specific provisions, rules of conduct, duties, and obligations that the insured must comply with in order for coverage to incept or must ...