Homeowners Policy: Understanding the Coverages


Course Description

This course provides an introduction to homeowners insurance, focusing on the standard coverage for this line provided in the 2011 editions of the Insurance Services Office, Inc. (ISO) homeowners forms. The 2011 version forms replace the 2000 version forms where adopted by states and/or insurers.  

Although this course discusses each of the six homeowners forms, the chief focus is on the Homeowners 3 special form (HO 3—2011 HO program) because this is the most commonly used form. Explanations of key areas in which these six forms differ are also included. 

This course begins with a brief look at the historical development of residential property coverage, including residential package policies and the homeowners forms, which first appeared in the 1950s. In addition, eligibility requirements and policy organization and format are reviewed. The majority of this course then focuses on the coverages provided by the HO 3 form, including the following.

  • Property coverages, such as the dwelling, other structures, personal property, and loss of use
  • Covered perils for the dwelling, other structures, and personal property
  • General property exclusions
  • Property conditions
  • Liability coverages, including exclusions and conditions
  • Key homeowners endorsements

Loss scenarios are used throughout this analysis to facilitate understanding.

International Risk Management Institute, Inc. (IRMI) is the premier provider of risk and insurance continuing education and reference publications, and is considered the ultimate authority by leading insurance practitioners. Written by industry experts, IRMI courses provide the most up-to-date, practical and reliable information possible.

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