- What is the main coverage in any homeowners policy?
- What are the different types of homeowners policies?
- What are the three main types of property insurance coverage?
- What perils are covered under homeowners insurance?
- What are the five basic areas of coverage on a homeowners insurance policy?
- What is the special HO 3 homeowners insurance policy?
What is the main coverage in any homeowners policy?
Homeowners insurance policies generally cover destruction and damage to a residence’s interior and exterior, the loss or theft of possessions, and personal liability for harm to others.
Three basic levels of coverage exist: actual cash value, replacement cost, and extended replacement cost/value..
What are the different types of homeowners policies?
HO-1 – Basic Form. Basic form homeowners insurance is the most limited in terms of coverage. … HO-2 – Broad Form. … HO-3 – Special Form. … HO-4 – Contents Broad Form. … HO-5 – Comprehensive Form. … HO-6 – Unit-owners Form. … HO-7 – Mobile Home Form. … HO-8 – Modified Coverage Form.
What are the three main types of property insurance coverage?
There are three types of property insurance coverage: replacement cost, actual cash value, and extended replacement costs.
What perils are covered under homeowners insurance?
What Perils Are Covered By A Homeowners Insurance Policy?Fire and smoke.Lightning strikes.Windstorms and hail.Explosion.Vandalism and malicious mischief.Damage from an aircraft, car or vehicle.Theft.Falling objects.More items…
What are the five basic areas of coverage on a homeowners insurance policy?
A standard policy includes four key types of coverage: dwelling, other structures, personal property and liability. If your home is damaged by a covered event, like strong winds, dwelling coverage can help pay to repair it.
What is the special HO 3 homeowners insurance policy?
An HO-3 offers “open peril” coverage for the structure of your home. This means your policy will help pay for repairs if your home is damaged by any peril — unless that peril is specifically listed as an exclusion in your policy documents.