Unit 4 Lesson 1 Quiz Question

Unit 4 Lesson 1 Quiz Question

by Sheralene Flavius -
Number of replies: 1

Can someone break this down for me because I don't understand, if both parties own the home, why would one be issued one of the forms and the other would be issued a HO-4 form? How can the building be eligible for one person and the same thing be ineligible for another?

 

 

What form will be issued in a homeowner's insurance policy if the two owner-occupants jointly own a two-family dwelling?

 HO-2, HO-3. HO-5 or HO-8 may be issued in the name of one co-owner (with the interest of the other co-owner in the dwelling included) and HO-4 may be issued to the other co-owner. True or False?

In reply to Sheralene Flavius

Re: Unit 4 Lesson 1 Quiz Question

by Jan Bradburn- -

Sheralene, 

I'm not sure why insurance handles joint owner-occupants this way. It does not have anything to do with eligibility.  Both co-owners have an equal interest in the property.  I believe it has to do with both owners occupying the property, so the key here is co-owners combined with occupancy.

Jan