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Key takeaways. An HO-2 policy is a type of homeowners insurance that only covers damages caused by perils specifically named in your policy. An HO-2 typically covers 16 named perils, including ...
If and when a peril occurs and causes damage to your property, you may file a claim with your home insurance provider to help cover the repairs. A standard homeowners insurance policy lists the ...
Your home insurance might cover mold damage resulting from a covered peril. For example, a tree branch breaks a window in your home during a rainstorm, causing water to soak your floors and walls.
Broad "named perils" [5] – this form expands on the "basic form" by adding 6 more covered perils. Again, this is a "named perils" policy. The loss must specifically be listed to receive coverage. Fortunately, the "broad form" is designed to cover the most common forms of property damage. Broad-form covered perils: All basic-form perils
Personal property coverage: This coverage makes up a large portion of your homeowners insurance and is designed to replace your home’s contents after a covered peril, including clothing ...
An HO-2 is a step above the HO-1, as it covers your home and personal belongings for named perils. The most common type of homeowners insurance is the HO-3, which covers your home and detached ...
Getting homeowners insurance coverage after a lapse is crucial if you want to have financial protection against covered perils. Usually the best course of action is to contact your insurance ...
Damage occurring from a covered homeowners insurance peril is typically covered, whereas damage that is excluded or not part of the named perils on your policy will usually not be covered.