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Coverage Types for Homeowner Insurance Bennington VT

In plain terms, this means replacement cost less depreciation. Since you will not be paid full replacement cost it will mean money out of your pocket if you want to build or repair your home to it's 'original' state. However, full replacement cost home insurance policies may be difficult or impossible to get for some older homes.

Baker Insurance Agency
(518) 686-7494
1 Main Street
HOOSICK FALLS, NY
Services
Homeowners Insurance

Wills Insurance Inc
(802) 442-5414
116 South St Ste 1
Bennington, VT
 
Metlife Auto & Home
(802) 447-0677
639 Main St Ste 11
Bennington, VT
 
Mountain Insurance Group Inc
(802) 442-3816
458 Main St
Bennington, VT
 
Aflac
(802) 442-0220
210 South St
Bennington, VT
 
C H Mcnally & Son Inc
(518) 686-9442
PO Box 96
EAGLE BRIDGE, NY
Services
Homeowners Insurance

Newell David J Jr
(802) 442-5414
116 South St
Bennington, VT
 
State Farm Insurance
(802) 447-3722
112 North St
Bennington, VT
 
Lonergan & Thomas Inc
(802) 447-2354
550 Main St
Bennington, VT
 
Specialty Auto Insurance
(802) 442-6666
550 Main St
Bennington, VT
 

Coverage Types for Homeowner Insurance

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Home Insurance Policy Types

This is where a home insurance policy depends on the type of dwelling you are in and whether or not you own the contents. It's also where it gets complicated.

Home insurance companies tend to group the types of coverages, into a number of fairly standard policy types, based on the types of 'perils' covered and the type of dwelling. These home insurance policy identifiers are known across the industry and may be referred to by your agent or broker:

  • HO-1: home insurance policy will specify only certain "perils" (basically, ways in which damage could have occurred) and will have limited coverage. Generally, the home insurance policy only covers a limited number of disasters over the course of the policy. It's not advisable to get this kind of policy, even if it's available to you. Note that this kind of home insurance policy has been phased out in many parts of the US.
  • HO-2: Again, the home insurance policy will specify only certain perils (although generally it covers the 16 common perils) and the coverage levels will be more generous. You can obtain a version of this policy for a mobile home.
  • HO-3: This home insurance policy will cover all perils on the buildings themselves, but generally only specified perils on your contents. You are covered for all perils unless specifically noted by the home insurance policy. The excluded perils will usually include floods, earthquakes, wars and nuclear accidents (which are all special perils requiring separate endorsements - and more money in premiums).
  • HO-4: This home insurance policy covers the contents for renters without covering the building itself or structure of the unit. It will have limited liability coverage included.
  • HO-6: This home insurance policy will cover the condominium owner, including contents and "loss of use" of the condo unit. The home insurance policy will also include liability.
  • HO-8: These kinds of home insurance policies are issued for older homes. The insurer reimburses you for damage on an actual cash value basis. In plain terms, this means replacement cost less depreciation. Since you will not be paid full replacement cost it will mean money out of your pocket if you want to build or repair your home to it's 'original' state. However, full replacement cost home insurance policies may be difficult or impossible to get for some older homes.

What you need for to meet your home insurance needs is a combination of the type of ...

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