What is a Homeowners 8 (HO-8) policy?
Jan 18, 2013 · The Citizens Homeowners 8 - Modified Coverage Form policy provides highly restrictive coverage that could pay policyholders significantly less in the event of a loss than the traditional CIT …
What are the primary differences between an HO-3 and an HO-8 policy?
Aug 19, 2015 · Use the chart* below to compare the differences between Citizens Homeowners 3 - Special Form (HO-3) and Citizens Homeowners 8 - Modified Coverage Form (HO-8) policies for loss …
What perils does an HO-8 policy cover?
Aug 18, 2015 · Coverage under the HO-8 policy is limited to the following 11 named perils only: Fire or lightning Windstorm or hail Explosion Riot or civil commotion Aircraft Vehicles Smoke Vandalism or …
What are the eligibility guidelines for an HO-8 policy?
Aug 19, 2015 · Applicants for the Citizens Homeowners 8 - Modified Coverage Form (HO-8) policy must meet the following guidelines: The dwelling to be insured must be 51 years of age or older. The …
What are the Loss Settlement options for an HO-8 policy? - Public
Aug 19, 2015 · The Citizens Homeowners 8 – Modified Coverage Form (HO-8) provides two loss settlement options, which can be changed only at renewal: Replacement Cost - Losses to buildings …
What is an example of a claim scenario that illustrates the ... - Public
Aug 19, 2015 · The claims example below illustrates the differences between a Citizens Homeowners 3 - Special Form (HO-3) and a Citizens Homeowners 8 - Modified Coverage Form (HO-8). Strong …
Is water a covered peril on an HO-8 policy?
Aug 18, 2015 · No. The HO-8 does not provide coverage for the peril of water. This means the following occurrences are not covered: Accidental discharge or overflow of water or steam from within a …
Will my mortgage company accept an HO-8 policy?
Jan 18, 2013 · Before purchasing an HO-8 policy, you should confirm with your mortgage company whether the HO-8 policy and its ACV option are acceptable. Failure to do so could result in costly …
Can I change from an HO-3 to an HO-8 policy?
The Citizens Homeowners 3 - Special Form (CIT HO-3) policy is a completely different contract form than the Citizens Homeowners 8 – Modified Coverage Form (HO-8) policy. You can change to an …
Does an HO-8 policy cover jewelry and similar property?
The HO-8 policy does not provide coverage for such items including, but not limited to, jewelry, watches, furs, precious and semiprecious stones, firearms, gold or gold-plated ware, silver or silver-plated …