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Insurance law: An overview


HOMEOWNERS BASICS

  What is homeowners insurance? 
What is in a standard homeowners insurance policy? 
Are there different types of policies? 
What type of insurance do I need for a co-op or condo? 
What type of disasters are covered? 
Can I own a home without homeowners insurance? 
What is renters insurance? 
How do I take a home inventory and why? 
What's the difference between cancellation and nonrenewal?

Are there different types of policies?

Yes. A person who owns his or her home would have a different policy from someone who rents. Policies also differ on the amount of insurance coverage provided.

The different types of homeowners policies are fairly standard throughout the country. However, individual states and companies may offer policies that are slightly different or go by other names such as “standard” or “deluxe”. The one exception is the state of Texas, where policies vary somewhat from policies in other states. The Texas Insurance Department ( http://www.tdi.state.tx.us ) has detailed information on its various homeowners policies.

The chart below lists the disasters covered in each of the following types of policies:


 
Dwelling & personal property
Dwelling



Personal
property


Dwelling & personal property

Perils
Basic HO-1*+
Broad HO-2*
Special HO-3*
Special HO-3
Renters HO-4
Condo/
Co-op HO-6
Modified Coverage HO-8
1. Fire or lightningxxxxxxx
2. Windstorm or hailxxxxxxx
3. Explosionxxxxxxx
4. Riot or civil commotionxxxxxxx
5. Damage caused by aircraftxxxxxxx
6. Damage caused by vehiclesxxxxxxx
7. Smokexxxxxxx
8. Vandalism or malicious mischiefxxxxxxx
9. Theftxxxxxxx
10. Volcanic eruptionxxxxxxx
11. Falling object xxxxx 
12. Weight of ice, snow or sleet xxxxx 
13.  Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance. xxxxx 
14. Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system. xxxxx 
15. Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance. xxxxx 
16. Sudden and accidental damage from artificially generated electrical current (does not include loss  to a tube, transistor or similar electronic component) xxxxx 
All perils except flood, earthquake, war, nuclear accident, landslide, mudslide, sinkhole and others specified in your policy. Check your policy for a complete list of perils excluded.  x    

* HO-1, HO-2 and HO-3 refer to standard Homeowners Policies.

+HO-1 has been discontinued in most states.

If you own your home

If you own the home you live in, you have several policies to choose from. The most popular policy is the HO-3, which provides the broadest coverage. Owners of multi-family homes generally purchase an HO-3 with an endorsement to cover the risks associated with having renters live in their homes.

HO-1: Limited coverage policy
This “bare bones” policy covers you against the first 10 disasters. It's no longer available in most states.

HO-2: Basic policy
A basic policy provides protection against all 16 disasters. There is a version of HO-2 designed for mobile homes.

HO-3: The most popular policy
This “special” policy protects your home from all perils except those specifically excluded.

HO-8: Older home
Designed for older homes, this policy usually reimburses you for damage on an actual cash value basis which means replacement cost less depreciation. Full replacement cost policies may not be available for some older homes.
If you rent your home

HO4-Renter
Created specifically for those who rent the home they live in, this policy protects your possessions and any parts of the apartment that you own, such as new kitchen cabinets you install, against all 16 disasters.
If you own a co-op or a condo

H0-6: condo/co-op
A policy for those who own a condo or co-op, it provides coverage for your belongings and the structural parts of the building that you own. It protects you against all 16 disasters.
Your level of coverage

Regardless of whether you are an owner or renter, you have the following three options:

  1. Actual cash value.
    This type of policy pays to replace your home or possessions minus a deduction for depreciation.

  2. Replacement cost.
    The policy pays the cost of rebuilding/repairing your home or replacing your possessions without a deduction for depreciation.

  3. Guaranteed or extended replacement cost.
    This policy offers the highest level of protection. A guaranteed replacement cost policy pays whatever it costs to rebuild your home as it was before the fire or other disaster – even if it exceeds the policy limit. This gives you protection against sudden increases in construction costs due to a shortage of building materials after a widespread disaster or other unexpected situations. It generally won't cover the cost of upgrading the house to comply with current building codes. You can, however, get an endorsement (or an addition to) your policy called Ordinance or Law to help pay for these additional costs. A guaranteed replacement cost policy may not be available if you own an older home.

    Some insurance companies offer an extended, rather than a guaranteed replacement cost policy. An extended policy pays a certain percentage over the limit to rebuild your home. Generally, it is 20% to 25% more than the limit of the policy. For example, if you took out a policy for $100,000, you could get up to an extra $20,000 or $25,000 of coverage.

    Even though a guaranteed/extended replacement cost policy may be a bit more expensive, it offers the best financial protection against disasters for your home. These coverages, however, may not be available in all states or from all companies.
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