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Homeowners Insurance Policies Explained.
By Tim Gorman, Thu Dec 8th
Shopping for home insurance can be a real pain if you don’t knowwhat you’re looking for and it can also end up costing you moremoney then it should. For starters you need to make sure youpurchase the right insurance coverage for you particularsituation. Making sure you have the correct protection toadequately cover your needs is important. Don’t forget aboutspecial provisions for high-dollar items such as jewelry, yourcomputer equipment and other possessions. Do you live in anearthquake region or flood zone? If so you might also needadditional home insurance coverage for those specialcircumstances. Moneylenders such as banks or online loan lendersusually require mortgage customers to purchase homeownersinsurance. Don’t rely on the coverage levels mandated by yourbank or mortgage company. Those levels are designed to protectthe house itself, but not necessarily your possessions. You canalways trust your insurance agent to inform you what the correctcoverage is for you. Homeowners Insurance Policies - There areseveral basic types of home insurance policies: HO-1 - Basichomeowners policy which covers your house and possessionsagainst 11 different perils. HO-2 - Broad homeowners policywhich offers coverage on your house and contents against 17perils, with premiums running about 5 percent to 10 percent morethan an HO-1 policy. HO-3 - Special homeowners policy, whichcovers all perils, except those specifically excluded by thepolicy. Costs 10 percent to 15 percent more than an HO-1 policy.HO-4 - Renters policy, which is of course for renters and covers17 named perils and includes liability coverage. It does notinsure the dwelling itself. HO-5 - Extensive homeowners policy,which covers damage from practically everything exceptearthquakes,
wars and floods. HO-6 – Designed for owners of co-ops or this policyprovides personal property coverage, liability coverage andspecific coverage of improvements to the owner’s unit. Insuranceprovided by the owner’s association normally covers most of theactual structure. HO-8 – Home insurance policy for older homesthat covers the same perils as HO-1 but pays only for repaircosts or actual cash value, since replacement cost could makethe policy costly. You will find that all of the above homeinsurance policies are the norm except for in Texas, where threetypes of additional policies can be purchased. They include:HO-A - Covers your home and possessions against named perilsonly, for actual cash value. HO-B - Covers the dwelling for allperils unless excluded against all risks and contents againstnamed perils. The house is covered for replacement cost up topolicy limits, while contents are covered for actual cash valueunless you buy additional replacement cost coverage. HO-C -Covers house and contents against all risks not specificallyexcluded by the policy. Again, the house is insured forreplacement cost up to policy limits, while contents are coveredfor actual cash value unless you buy additional coverage. About the author:Timothy Gorman is a successful Webmaster and publisher ofBest-Free-Insurance-Quotes.com. He provides more insuranceinformation and offers free money saving auto, home, health andlife insurance quotes that you can research in yourpajamas on his website.
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