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Thread: Home insurance policies

  1. #1
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    Default Home insurance policies

    Home insurance policies have been amended over the years until currently, the ISO has seven standardized homeowners insurance forms in general and consistent use . Of these HO-3 is the most common policy followed by HO-4 and HO-6. Others that are less used, though still significant, are HO-1, HO-2, HO-5, and HO-8. Each is summarized below:

    HO-1

    A limited policy that offers varying degrees of coverage but only for items specifically outlined in the policy. These might be used to cover a valuable object found in the home, such as a painting.

    HO-2

    Similar to HO-1; HO-2 is a limited policy in that it covers specific portions of a house against damage. The coverage is usually a "named perils" policy, which lists the events that would be covered. As above, these factors must be spelled out in the policy.

    HO-3

    This policy is the most commonly written policy for a homeowner and is designed to cover all aspects of the home, structure and its contents as well as any liability that may arise from daily use, as well as any visitors who may encounter accident or injury on the premises. Covered aspects as well as limits of liability must be clearly spelled out in the policy to insure proper coverage. The coverage is usually called "all risk". Also called an "open perils" policy.

    HO-4

    This is commonly referred to as renters insurance or renter's coverage. Similar to HO-6, this policy covers those aspects of the apartment and its contents not specifically covered in the blanket policy written for the complex. This policy can also cover liabilities arising from accidents and intentional injuries for guests as well as passers-by up to 150' of the domicile. Common coverage areas are events such as lightning, riot, aircraft, explosion, vandalism, smoke, theft, windstorm or hail, falling objects, volcanic eruption, snow, sleet, and weight of ice.

    HO-5

    This policy, similar to HO-3, covers a home (not a condo or apartment), the homeowner and its possessions as well as any liability that might arise from visitors or passers-by. This coverage is differentiated in that it covers a wider breadth and depth of incidents and losses than an HO-3.

    HO-6

    As a form of supplemental homeowner's insurance, HO-6, also known as a Condominium Coverage, is designed especially for the owners of condos. It includes coverage for the part of the building owned by the insured and for the property housed therein of the insured. Designed to span the gap between what the homeowner's association might cover in a blanket policy written for an entire neighborhood and those items of importance to the insured, typically the HO-6 covers liability for residents and guests of the insured in addition to personal property. The liability coverage, depending on the underwriter, premium paid, and other factors of the policy, can cover incidents up to 150' from the insured property, all valuables within the home from theft, fire or water damage or other forms of loss. It is important to read the Associations By-laws to determine the total amount of insurance needed on your dwelling.

    HO-8

    It is usually called "older home" insurance. It lets house owners with higher replacement cost than the market value insure them at the lower market value rate.



  2. #2
    Senior Member Level 2 Norwayguy's Avatar
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    Good info...When I purchased my first home my agent did not discuss the options I had or exactly what was covered in my policy. I asked for homeowners insurance and the bank was happy...I do not sell P&C insurance and as I have learned more I ask more questions now when talking to my agent.
    Peter G Langelier
    plangelier@langelierinsurance.com www.langelierinsurance.com
    Licensed Resident Agent Maine Life/Health & Variable Contracts

  3. #3
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    Quote Originally Posted by Alex Chris View Post
    My home got flooded.
    How and why did your home get flooded?

    The standard homeowners policy excludes:

    • a. Flood, surface water, waves, tidal water, overflow of a body of water, or spray from any of these, whether or not driven by wind;
    • b. Water or water-borne material which backs up through sewers or drains or which overflows or is discharged from a sump, sump pump or related equipment; or
    • c. Water or water-borne material below the surface of the ground, including water which exerts pressure on or seeps or leaks through a building, sidewalk, driveway, foundation, swimming pool or other structure;
    • caused by or resulting from human or animal forces or any act of nature.


    Hence the need for details.

    Quote Originally Posted by Alex Chris View Post
    Insurance denied the claim but I believe I still have a case.
    Given the exclusion I just posted (and that you can read in your own policy) why would you believe that you still have a case.

    Quote Originally Posted by Alex Chris View Post
    What kind of lawyer would I need that specializes in home insurance policies to see if I really do have a case?
    You answered your own question. You would need a lawyer that specializes in home insurance policies. Call around and ask.

  4. #4
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    Quote Originally Posted by adjusterjack View Post
    How and why did your home get flooded?

    You answered your own question. You would need a lawyer that specializes in home insurance policies. Call around and ask.
    There are lawyers specialized exactly in home insurance policies ? I always thought that for specific insurance issues, like home insurance policies in this case, getting a general insurance lawyer will be enough.

  5. #5
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    There are number of the companies which offer the number of the dieting plans as saving plan and children education plan. Most of the peoples wish to purchase the saving plan.

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    You can get help out of some relevant attorney that can give you advices accordingly...!! Also I would want you to get assisted by some legal person... Thank you!!!

  7. #7
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    thanks for the informative post.

    i want to add few more basic about this type of insurance. Home insurance is a multiple line insurance which covers both property and liability. Done be surprised if u see the term "Hazard Insurance" or the word "HOI" means homeowener1s insurance. Its all same, just another name of Home Insurance .

    anyway, the other important issues was discussed by the thread opener earlier. thanks to him.

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