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5 Most Misunderstood Homeowners Coverage Concepts

5 Most Misunderstood Homeowners Coverage Concepts

Quick Overview

Five short webinars that go over Homeowners hot topics: Eligibility, Various Forms, Insured Status, Special Limits and "Guaranteeing" Replacement Cost Protection in the Homeowners Policy.


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Duration 1 hour
Location Online Webinar
Formats On-Demand
Instructor Christopher J. BoggsChristopher J. Boggs

Webinar 1: Who or What is Eligible for a Homeowners Policy

Just who or what does qualify for one of the six Homeowners coverage forms? The main key is occupancy, the other key is what is being occupied.

This webinar walks the student through the question of Homeowner Policy eligibility. We discuss:

  • The six eligibilities for coverage under the HO-2, HO-3, HO-5 and HO-8
  • The four eligibility requirements for the HO-4 and
  • The two eligibility requirements for coverage under and HO-6.

This class is 12 minutes.

You may purchase this webinar individually, here.

Webinar 2: Comparing the Various Homeowners Forms

How does the HO-2 Broad Form differ from the HO-3 Special Form? How does the HO-3 differ from the HO-5 Comprehensive Form? And how to all the forms differ from the HO-8 Modified Coverage Form?

Beyond differences, what do each of the six forms have in common? What can be changed in the standard forms to improve coverage or protection? What are the "Key Values" in each form, and how do they affect other property coverages provided by the forms? In this webinar we:

  • Introduce the six standard ISO Homeowners coverage forms
  • Review the causes of loss covered by each form for real and personal property
  • Review the loss valuation methods used by each form
  • Discuss the "Key Values" and other coverage grants and
  • Introduce the endorsements that alter various cause of loss and valuation methods in the forms.

This class is 25 minutes.

You may purchase this webinar individually, here.

Webinar 3: Insured Status in the Homeowners Policy: Who IS and "Insured" and Who can be Added

There are four "levels" of "insured" status in the Homeowners Policy, and the breadth of protection narrows as an individual moves from one level to another. The four levels are:

  1. Named insureds
  2. Automatic insureds
  3. Extended insureds and
  4. Additional insureds.

Two of the questions answered by this class are: Who falls into each "level?" and When is protection granted to an "insured" within the specified "level?"

This class also details:

  • Who is "You" in the policy and how much coverage do they have
  • What constitutes a "resident relative"
  • Who can be added to the Homeowners Policy as an Additional Insured, the list may surprise you.

This class is 15 minutes.

You may purchase this webinar individually, here.

Webinar 4: "Special Limits" of Coverage in the Homeowners Policy: An E&O Trap

The Homeowners Policy lists specific types of personal property and places a specific limit of coverage of such property - usually low compared to the actual exposure the insured has. Additionally, these "special limits" are WITHIN the Coverage C (personal property) limit not in addition to the limit. Such limitation can create an E&O trap for the agent.

However, these limits can be increased - well, most of them can. This class:

  • Details the special limits found in the Homeowners Policy
  • Explains how the limits can be increased and
  • Lists the special limits that cannot be increased.

This class is 10 minutes.

You may purchase this webinar individually, here.

Webinar 5: "Guaranteeing" Replacement Cost Protection in the Homeowners Policy

Two endorsements are available to "guarantee" replacement cost protection to the insured following a loss, the:

  • HO 04 11 & - Additional Limits of Liability for Coverages A, B, C, and D
  • HO 04 20 & - Specified Additional Amount of Insurance for Coverage A Dwelling

Although both forms provide some "guarantee" towards full replacement cost protection, they differ in how they affect the policies to which they are attached. This class:

  • Details both endorsements
  • Describes how each affects coverage and
  • Explains what the insured must do to qualify for coverage under both endorsements.

This class is 10 minutes.

You may purchase this webinar individually, here.

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