Different types of homeowners policy forms are referred to as HO-1, HO-2, HO-3, and so forth. There are seven basic kinds of home insurance policies, and they're pretty much the same regardless of where you live (except for Texas). They tend to be defined by the perils they cover:
HO-1. Basic homeowners. Covers your dwelling and personal property against losses from 11 types of perils: fire or lightning; windstorm or hail; explosion; riot or civil commotion; aircraft; vehicles; smoke; vandalism or malicious mischief; theft; damage by glass or safety glazing material that is part of a building; and volcanic eruption.
HO-2. Basic homeowners plus. Covers dwelling and personal property against 11 perils plus six more: falling objects; weight of ice, snow or sleet; three categories of water-related damage from home utilities or appliances; and electrical surge damage.
HO-3. Extended or special homeowners. Covers 17 stated perils plus any other peril not specified in your policy, except for flood, earthquake, war, and nuclear accident.
HO-4. Renters coverage. Covers only personal property from 17 listed perils.
HO-5. All risk coverage for building and personal property. This policy form isn't sold very often.
HO-6. Condominium coverage. Covers personal property from 17 listed perils along with certain building items in which the unit owner might have an insurance interest. HO-8. Basic older home. Covers dwelling and personal property from 11 perils. Differs from HO-1 in that it covers repairs or actual cash values - not rebuilding costs. This is for homes where some historic or architectural aspects make the home's replacement cost significantly higher than its market value.
No. In most cases, once an insurer reviews your loss history and finds none, one claim should not affect your rates. If the claim exposes some greater risk on your property, however, such as owning a trampoline or new swimming pool, then you may face a rate increase or possible non-renewal of your policy.
If you want your belongings covered against damages caused by a flood, the answer is yes. Basic homeowners insurance policies do not cover damage from flooding. The National Flood Insurance Program (NFIP) underwrites the overwhelming majority of flood policies in the United States. While most people should at least think about getting flood insurance, it is true that some people need it more than others.
While there is no nationwide "black list", there are definitely certain breed of dogs that many companies do not want to provide coverage for. Some companies will provide insurance agents with a list others will use a case by case analysis. Some of the usual suspects are: pit bulls, rottweilers, wolf hybrids, huskies, & German shepherds. If you are thinking of getting a dog you might want to check with your insurance agent to find out if the dog will cause problems with you obtaining insurance.
Generally the insurance responsibility lies with whoever's property is damaged. In other words, if a tree falls on your home, no matter where the tree came from, your insurance company should pay for your home repair.
An exception would be if the damage occurred as a result of negligence; for instance, if the tree was dead before it fell, and you had proof that your neighbor knew the tree was dead. Under those circumstances, the damage becomes your neighbor's liability.
As a rule, state insurance officials suggest that you file a claim with your insurance company and let them deal with it.
Basically, you just need a standard homeowners policy. You should make sure to tell your insurance agent that the house is currently under construction though. Typically a builders risk endorsement is added to the policy, which provides some additional coverage while your home is being built.
No. You have to own the property that you insure. However, there are two ways for you to take charge of paying for the insurance premiums on your parents' home. Your name can be added to your parents' homeowners insurance policy as an additional insured, and then their agent could request that the bills come directly to you. Or, you could ask that the bills simply be mailed to your address.
Home warranties aren't insurance, but some insurance companies are starting to sell them. A home warranty will cover repair costs on items in your home such as your refrigerator and other major appliances, or your central air conditioning system. You do need to have everything in good working order before purchasing a home warranty.
Be aware that every warranty plan is unique in scope and service, with specific coverage, limits, and exclusions, so review contracts carefully before you sign on the dotted line.
It depends. Some items, like jewelry and computers, often have a per-category theft limit (for example, some policies have a $5,000-$10,000 limit for computers). For these, you may want to buy a "floater," which provides higher limits and broader coverage than those included in your basic policy.
If you didn't cause the loss or damage, your insurance shouldn't be affected. If you were at fault-if you caused a fire by smoking in bed, for example-the insurance company might decide not to renew your policy. Your insurer might also do the same thing if you file several claims within a short time, regardless of fault.
Your bike is covered, but vehicles aren't. You need to get a separate auto insurance policy to protect your car, van or motorcycle.
Yes, but coverage may be limited and the conditions may vary. You should ask your insurance agent for details.
Regulations differ from state to state, and policies also differ from company to company. Find out what regulations apply in your state and then shop around to find an insurance company that suits your needs. Some insurance companies allow unmarried couples who have been living together to obtain joint coverage, rather than two separate policies. But a domestic partner is usually not automatically insured like a husband or wife under the partner's policy. He or she must be specifically named.
Basically, you just need a standard homeowners policy. You should make sure to tell your insurance agent that the house is currently under construction though. Typically a builders risk endorsement is added to the policy, which provides some additional coverage while your home is being built.