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Understanding the Special Homeowners Insurance Policy (HO-3)

The Insurance Services Office (ISO) Special Homeowners Insurance Policy (HO-3) was intended to offer protection towards common exposures of owned or rented residences. Regarding personal liability protection and broad, direct physical loss coverage to ones residence.

The present article is supposed to give a brief overview of the protection provided by the ISO Special Homeowners Insurance Policy.

Section 1 - Property Coverage's (Covered Property)

Coverage A - Dwelling - covers the dwelling and attached structures. It also includes materials and supplies intend for the construction or repair of the dwelling and/or structures located on the premises. Land is not protected.

Coverage B - Other Structures - addresses structures not attached to the primary residues. The buildings must be separated by a clear space or simply connected by fence, utility line or similar connection. The other structure can not be used in commercial, manufacturing or any other business use. Although the structure may be used to store such commercial, manufacturing, etc. equipment so long as it's owned by the insured or a tenant of the dwelling. And none of the stored goods can be gaseous or liquid fuel.

Coverage C - Personal Property - covers the personal property owned or in use by the covered in the dwelling or anywhere in the world. Personal property owned by guests or staff of the insured maybe covered also. Some of the items NOT covered:
Motorized Vehicles or aircraft
Paper or electronic records containing business data
Books of account
Credit Cards
And Animals
Visit with your insurance provider for an expanded list of all items NOT covered.

Coverage D - Loss of Use Coverage - If complete or partial loss of a residence premises becomes unsuitable to live in, Coverage D provides coverage involving any increase in living expensive or any loss of rental income.

Additional Coverages Include:
Fire Department Service Charge
Trees, Shrubs, and Other Plants
Debris Removal
Collapse
Glass or Safety Glazing Materials
Again, check with your insurance provider for a complete list of Additional Coverages.


Coverage Against Perils to Property

There are variety of perils covered within the basic form. A few are lighting, fire, windstorm/hail and smoke. Check with your insurance provide for a complete list. All other perils maybe added to a owners policy but on a named peril bases.

The intended use of this article is for reference only; it is not intended to be taken as complete and total fact. Contact a licensed insurance professional for complete information on the laws in your area.

To read more info on Homeowners Insurance Policies, please go to Monument Commercial Insurance Agency as well as to compare homeowner insurance quotes quickly and sercurely!