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Homeowners Insurance that Fits You – How to compare Multiple Home Insurance Quotes

September 5th, 2005

Homowners insurance that Fits You - How to compare quotes

Water damage claim

Shopping for a home insurance plan that best fits your needs can be a chore, but with understanding policy terms and conditions that a carrier offers is the best place to start.

What are the most likely things to happen to your home?  Here is a list of the most common claims made for a home insurance plans in 2003 are as follows:

Lightning or hail   25%    
Water from a failure of indoor appliances or plumbing    17%    
Theft    14%    
Tornado or high wind    8%      
Snow or ice   8%      
Fire   7%      
Water from heavy rain and/or flooding   7%      
Water from sewers or drains or sump-pump overflow   3%      
Liability for injury to another      3%      
Mold    1%      
Don’t know   1%      
Other   15%    


Only 3 out of 4 renters currently have renters insurance.  There is a common misconception that the landlord will cover all that happens at the property location.  Renters are responsible for theft and injuries and damage to their personal property inside there unit.  The renter’s policies are considerably less as they are for personal property and injuries.  Renters should not be without insurance as it can be a costly mistake.

The types of insurance policies are classified as the following names:  HO-1, HO-2, HO-3, HO-4, HO-5, HO-6, HO-8, HO-A, HO-B. and HO-C.


HO-1 is a basic policy that covers your house and possessions against 11 different perils.  The HO-2 policy is a broader plan that covers the house and personal items against 17 hazards.  HO-3 is a special coverage that cost 5 – 10 percent more than HO-1 policy and it covers all perils except those that are excluded in the plan.  The HO-4 is a renter’s policy that covers 17 hazards and liability coverage on belongings but not the house itself.    HO-5 is the extensive plan that covers practically everything except earthquake, floods, and wars.  HO-06 is for condominium or co-op owners that include the personal property and the interior improvements only as the structure is usually insured by the association.  HO-8 is for older homes that would have the same coverage as HO-1 policy, except will only pay for repair costs or actual cash value. 


In Texas they have a three policy method HO-A, HO-B. and HO-C policy.  HO-A policy covers only the listed perils on the contract and will cover for actual cash value.  HO-B. covers dwelling for all perils except for the ones that are excluded and house is covered up to the replacement cost up to the limit specified and personal belongings are at cash value unless additional coverage is purchased.  HO-C covers the house and contents for all perils unless otherwise excluded on policy and will pay for the replacement cost up to the policy limit and personal property is at cash value for replacement cost. Continued on next page

Comments, Corrections or post your own article.

By Nicole Wilson
Best Syndication Staff Writer





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