HO-8 can be broadened to include off-premises theft losses up to what amount?

The HO-8 policy, which is a type of homeowners insurance designed for older homes, can be expanded to cover off-premises theft losses. Specifically, this policy can include coverage for personal property that is stolen while it is located away from the insured premises, with a cap on the amount of coverage for such losses.

In this case, the correct amount for off-premises theft losses that can be added to an HO-8 policy is $1,000. This means that if a policyholder experiences theft of personal property when it is not within their home (such as at a vacation spot or while traveling), they would be reimbursed up to $1,000 for those stolen items.

Understanding the nuances of homeowner insurance policies, such as the specific limits on coverage for various types of losses, is essential for insurance agents. This knowledge helps them advise clients effectively and ensure that individuals have the right level of protection for their personal belongings, whether they are at home or away.