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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 ...
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 ...
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
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.
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 ...
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.
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 ...