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An HO-1 is the most basic homeowners insurance policy. It only provides coverage for the structure of your home, attached structures like garages and appliances and home features like carpeting.
Home insurance in the United States may differ from other countries; for example, in Britain, subsidence and subsequent foundation failure is usually covered under an insurance policy. [7] United States insurance companies used to offer foundation insurance, which was reduced to coverage for damage due to leaks, and finally eliminated ...
The process of filing a homeowners insurance claim is the same whether you have an HO-3 or HO-5 policy and can be broken down into these three steps: Take action to prevent further damage to the ...
HO-5 insurance provides some of the broadest protection for your home. Skip to main content. Sign in. Mail. 24/7 Help. For premium support please call: 800-290-4726 ...
An 18th-century fire insurance contract. Property insurance can be traced to the Great Fire of London, which in 1666 devoured more than 13,000 houses.The devastating effects of the fire converted the development of insurance "from a matter of convenience into one of urgency, a change of opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his new plan ...
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.
Insurance is designed to protect you financially when the unexpected happens. Whether you're buying a car or a home, renting an apartment or starting a family, there are different types of ...
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth. [1] In the insurance industry, "replacement cost" or "replacement cost value" is one of several methods of determining the value of an insured item. Replacement cost is the ...