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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 ...
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.
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]
Insurance agreement: Outlines exactly what you and your insurer have agreed to regarding coverage, including terms, conditions and exclusions. Definitions: defines any key terms used in the policy.
Often, limited data is available to determine appropriate charges for high limits of insurance. In order to price policies with high limits of insurance adequately, actuaries may first determine a "basic limit" premium and then apply increased limits factors. The basic limit is a lower limit of liability under which there is a more credible ...
It should only contain pages that are Types of insurance or lists of Types of insurance, as well as subcategories containing those things (themselves set categories). Topics about Types of insurance in general should be placed in relevant topic categories .
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 ...
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 ...