Articles Editor's Blog Reader Mail

Coverage Types for Homeowner Insurance Moscow ID

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.

AIA Insurance
(509) 332-3535
375 South Grand Avenue
PULLMAN, WA
Services
Homeowners Insurance

Idaho Insurance Inc
(208) 455-0071
1117 Cleveland Boulevard
Caldwell, ID
 
Egan Metcalf And Leavitt Insurance Agency Inc
(208) 524-5858
3780 North Yellowstone Highway
Idaho Falls, ID
 
American Family Insurance Kerri Avery
(208) 384-9385
1175 E Parkcenter Blvd Ste 105
Boise, ID
 
Charlene Smith Insurance Agency
(208) 322-4200
5204 West Fairview Avenue
Boise, ID
 
Allstate Insurance Karin Scott
(208) 522-8788
1335 S. Holmes Avenue
Idaho Falls, ID
 
Benton Agencyduffy Benton Agent Frmrs Insrnce Grp
(208) 325-3253
127 North Main
Donnelly, ID
 
Allstate Insurance Companies Sales Offices Chubbuck
(208) 238-1830
121 Evans Lane
Pocatello, ID
 
Penner And Fink Insurance
(208) 366-7486
119 North Commercial
Glenns Ferry, ID
 
Allstate Insurancejensenleavitt Insurance Agency Inc.
(208) 365-2160
602 S Washington Ave
Emmett, ID
 

Coverage Types for Homeowner Insurance

Provided By: 

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 ...

Click here to read the rest of this article from Insurance Guide 101

About Us | Contact Us | Link to Us | Privacy Policy | Terms of Use | Insurance Resources | Sitemap