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Homeowners Insurance Policies Explained
Shopping for home can be a real pain if you don't know what you're looking for and it can also end up costing you more money then it should. For starters you need to make sure you purchase the right coverage for you particular situation. Making sure you have the correct protection to adequately cover your needs is important. Don't forget about special provisions for high-dollar items such as jewelry, your computer equipment and other possessions. Do you live in an earthquake region or flood zone? If so you might also need additional home coverage for those special circumstances.
Moneylenders such as banks or online loan lenders usually require mortgage customers to purchase homeowners insurance. Don't rely on the coverage levels mandated by your bank or mortgage company. Those levels are designed to protect the house itself, but not necessarily your possessions. You can always trust your agent to inform you what the correct coverage is for you.Homeowners Policies - There are several basic types of home policies: HO-1 - Basic homeowners policy which covers your house and possessions against 11 different perils. HO-2 - Broad homeowners policy which offers coverage on your house and contents against 17 perils, with premiums running about 5 percent to 10 percent more than an HO-1 policy.
HO-3 - Special homeowners policy, which covers all perils, except those specifically excluded by the policy. Costs 10 percent to 15 percent more than an HO-1 policy. HO-4 - Renters policy, which is of course for renters and covers 17 named
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perils and includes liability coverage. It does not insure the dwelling itself. HO-5 - Extensive homeowners policy, which covers damage from practically everything except earthquakes, wars and floods.HO-6 – Designed for owners of co-ops or condominiums this policy provides personal property coverage, liability coverage and specific coverage of improvements to the owner's unit.
Insurance provided by the owner's association normally covers most of the actual structure. HO-8 – Home policy for older homes that covers the same perils as HO-1 but pays only for repair costs or actual cash value, since replacement cost could make the policy costly. You will find that all of the above home insurance policies are the norm except for in Texas, where three types of additional policies can be purchased. They include: HO-A - Covers your home and possessions against named perils only, for actual cash value. HO-B - Covers the dwelling for all perils unless excluded against all risks and contents against named perils.
The house is covered for replacement cost up to policy limits, while contents are covered for actual cash value unless you buy additional replacement cost coverage. HO-C - Covers house and contents against all risks not specifically excluded by the policy. Again, the house is insured for replacement cost up to policy limits, while contents are covered for actual cash value unless you buy additional coverage..
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