subject: House Insurance Quotes - Knowing The Basics [print this page] House Insurance Quotes - Knowing The Basics
Are you fully aware of all the different types of house insurance policies? It is equally important to know this basic information so that when you make your request for house insurance quotes, you will already know the specific type that fits you best. This will also give you an idea on what is the standard coverage of your policy. It would be to your advantage to research and educate yourself on some of the basics. According to the Insurance Services Offices, Inc., the standardized home insurance forms are classified in 7 types (HO1, HO2, HO3, HO4, HO5, HO6, and HO8). To help you better understand here is a list and brief description of the 7 types of house insurance policies: 1. The Basic Form (HO1) - You will see this in your house insurance quotes
because this is the most basic of all types as the name already suggests. It provides protection for both your home and contents against many natural disasters such as. (1 windstorm or hail; 2 vandalism or malicious mischief; 3 fire or lightning; 4 explosion riot or civil commotion; 5 damage from vehicles; 6 theft; 7 glass breakage; 8 personal liability; 9 volcanic eruption; 10 smoke and,; 11 damage from aircraft. 2. The Broad Form (HO2) - This is like the basic type the only difference is the additional number of disasters that are covered. 3. The Special Form (HO3) - If you have a single-family home then this is the one that
you should ask for when inquiring for house insurance quotes. This type of house insurance covers "all risk" (except for earthquake and flood) and contents are included as well. 4. The Tenant's Form (HO4) - Yes, your personal property can be covered even if you
are only renting a house. The same perils as indicated in HO2 or HO3 are covered for your personal properties. 5. The Premier Form (HO5) - This is an expanded form of HO3. In here, you can claim loss against an open peril. This means that whatever the cause of loss of your house or personal property may be (unless otherwise specified in the policy that it is excluded), it can be covered. 6. The Condominium Policy Form (HO6) - This policy is designed for condominium owners. 7. The Older Houses Form (HO8) - This is what they call "Modified Coverage"
form. The reason for this is that an older house has a much greater risk of loss and the replacement cost is higher than that of its market value. As such, most insurance companies reimburse the actual cash value most of the time because it is much cheaper instead of paying the replacement cost. Homeowners can actually save money if they get several house insurance quotes. It is less expensive since agents are competing for your business. This is the reason why it is very important to educate yourself so that you can make an informed decision when purchasing home insurance. The fact of the matter is 85% of homeowners shop for their policy online. Not only does this save time it usually results in the homeowner getting a much better deal.
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