Homeowner policies are multi-line policies, which means they combine property and casualty coverage in the same policy.
Homeowner policies package several coverages related to a specific type of exposure, thus reducing the number of policies one has to purchase.
Homeowner insurance is sold as a personal package policy designed to cover a broad range of exposures related to owning or renting a home.
The Homeowners Program provides the same property coverages that are available under the Dwelling Property Program but also includes theft insurance and personal liability coverage under one contract.
Homeowners Eligibility
Homeowners policies may only be issued to cover premises which are principally used for private residential purposes such as the following:
Owner-occupants of residential dwellings which do not contain more than 4 families nor more than two boarders or roomers per family (HO-2, HO-3, HO-5, HO-8);(some states still restrict occupancy to only two families per dwelling structure and continue to use the 1991 Homeowners forms.)
Tenants in non-owned buildings used primarily for residential purposes (HO-4);
Owner-occupants of condominiums are eligible for coverage for their interest in the condominium as well as contents (HO-6);
Dwellings under construction;
Dwellings purchased under installment contracts when purchaser is occupant of the dwelling;
An occupant of a dwelling under a life estate;
Seasonal dwellings when the insured is covered under a Homeowners Policy for their primary dwelling.
Chapter 4 - Chart A