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The most basic home insurance policy is an HO-1, which provides coverage on the structure of your home. An HO-2 is a step above the HO-1, as it covers your home and personal belongings for named ...
The key difference between HO-3 and HO-2 policies is that an HO-3 policy covers the physical structure of your home from open perils or any that are not explicitly excluded from your policy.
Because of its high level of protection, an HO-5 policy is usually more expensive than a standard HO-3. Learn more: HO-5 insurance. HO–6. HO-6 insurance is specifically for condo owners. It ...
Homes covered by an HO-2 Broad policy accounted for 5.15%, which covers only specific named perils. The remaining 2% includes the HO-1 Basic and the HO-8 Modified policies, which are the most limited in the coverage offered. HO-8, also known as older home insurance, is likely to pay only actual cash value for damages rather than replacement. [13]
An entity which provides insurance is known as an insurer, insurance company, insurance carrier, or underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. The insurance transaction involves the policyholder assuming a guaranteed, known, and ...
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.
An insurance policy is a contract where the homeowner and insurance company agree that in exchange for a premium payment, the insurance company will provide compensation for the repairs or ...
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