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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 damage from fire ...
The exterior of your home is covered under an open perils policy, which covers any situation that is not explicitly stated in your insurance policy. However, HO-7 policies cover your personal ...
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.
The cost of homeowner's insurance often depends on what it would cost to replace the house and which additional endorsements or riders are attached to the policy. The insurance policy is a legal contract between the insurance carrier (insurance company) and the named insured(s). It is a contract of indemnity and will put the insured back to ...
In the U.S., the average cost for homeowners insurance is $1,687 per year for a home insurance policy with $250,000 in dwelling coverage. Depending on your location, average premiums can range ...
A homeowners insurance policy is designed to provide you with financial protection from a variety of damage-causing events, also called perils. Exactly what homeowners insurance covers and which ...
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