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HO-2 policies are a step up from HO-1 policies, but do not offer as much coverage as an HO-3, which is the most common type of homeowners insurance policy. Like other home insurance policies, HO-2 ...
Regular tree maintenance isn’t typically covered by home insurance, but damage from trees that occurs during a storm or other covered peril may be eligible for coverage. Bankrate’s insurance ...
HO-3 home insurance policies cover your dwelling and other structures on your property under open perils coverage, and HO-5 policies cover both your home and personal property for open perils.
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
In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy language.
Extended coverage is a term used in the property insurance business. All insurance policies have exclusions for specific causes of loss (also called "perils") that are not covered by the insurance company. An extended coverage endorsement (EC) was a common extension of property insurance beyond coverage for fire and lightning.
Other structures coverage: This coverage may help cover the costs associated with repairing or replacing structures on your property other than your home that were damaged during a covered peril ...
In short, renters insurance is exclusively for your personal belongings, while HO-6 coverage has a bit more reach. Perils covered by HO-6 typically include dwelling coverage for materials like ...