Tilted Forum Project Discussion Community - View Single Post

derph65 · 01-07-2010, 10:22 PM

Thank you so much Jazz, you make my life lot easier as I rely on knowledge that is not from the book but from real experiences. I read the policy but the wording is so convoluted that I for one misinterpret and need to re-read all over. Having said all that, I have another question.
1. Regarding Homeowner Policy, HO-6 Condominium unit-Owner form. Does HO-6 have same Dwelling coverage as HO-2 Basic:Home-owner broad form? Acronym of coverage W.H.A.R.V.E.S. -Windstrom, Hail, Aircraft, Riot,Volcano,Explosion,Smoke?

HO-2,HO-3,and HO-5 homeowners forms provide building coverage on a replacement cost basis if the building is insured 80% or more of its replacement cost.
2. Here is a Question What if they homeowner insures 70% of its replacement cost what happens then?

3. As the House values are not appreciating as it should then even if the insure has placed 80%, but the replacement cost is less then what the homeowner acquired then what happens?
Thanks for everything!

---------- Post added at 10:22 PM ---------- Previous post was at 09:55 PM ----------

I hope everything will be clear by 12th. Since I will be taking test very next day!

01-07-2010, 10:22 PM	#23 (permalink)
derph65 Upright	Thank you so much Jazz, you make my life lot easier as I rely on knowledge that is not from the book but from real experiences. I read the policy but the wording is so convoluted that I for one misinterpret and need to re-read all over. Having said all that, I have another question. 1. Regarding Homeowner Policy, HO-6 Condominium unit-Owner form. Does HO-6 have same Dwelling coverage as HO-2 Basic:Home-owner broad form? Acronym of coverage W.H.A.R.V.E.S. -Windstrom, Hail, Aircraft, Riot,Volcano,Explosion,Smoke? HO-2,HO-3,and HO-5 homeowners forms provide building coverage on a replacement cost basis if the building is insured 80% or more of its replacement cost. 2. Here is a Question What if they homeowner insures 70% of its replacement cost what happens then? 3. As the House values are not appreciating as it should then even if the insure has placed 80%, but the replacement cost is less then what the homeowner acquired then what happens? Thanks for everything! ---------- Post added at 10:22 PM ---------- Previous post was at 09:55 PM ---------- I hope everything will be clear by 12th. Since I will be taking test very next day!