RELATED SEARCHES
Sponsored Homeowners Insurance Results:
Cheap Auto Insurance: Coverage, Insurance Companies, Rates And Quotes
By:
Published: November 20, 2007
The home provides security, comfort and shelter to people. It is one of the most essential human needs. However, the home is vulnerable to many accidents and misfortunes. Homeowners need some assurance they will get financial compensation in case of accidents that damage or destroy their home. Homeowners' insurance is a form of property insurance that provides protection to private homes.
Homeowners' insurance quotes provide protection to damages that occur to a home and its contents. They also provide coverage to the loss of a home's use, loss of the homeowners' private possessions, and liability insurance for accidents that happen at home.
Homeowners' insurance rates depend on how much a particular home costs as well the additional property to be insured. Homeowners' insurance quotes specify what will be and what will not be paid for in case of accidents. Damages caused by natural disasters and war are not usually covered, though special home insurance for earthquakes and floods are available.
Homeowners' insurance quotes are often term contracts - contracts that have a fixed time of effectivity. Insurance companies also provide perpetual insurance, a type of homeowners' insurance that does not have a fixed term. The premium is the payment that the homeowners' insurance policy holder makes to insurance companies. Many insurance companies have cheap premium rates if the property has a lesser risk of being damaged or destroyed.
Homeowners' insurance policies were standardized by the Insurance Services Office (ISO) in New Jersey. The ISO was established in 1971 to give risk information and create a simplified insurance policy for homeowners. The ISO created seven standardized homeowners' insurance policy forms that are now commonly used. They are: HO-1, HO-2, HO-3, HO-4, HO-5, HO-6 and HO-8.
HO-1 is a limited policy that only provides protection for specific items such as valuable artworks. HO-1 may also cover damages from fire or lightning. HO-2 is also known as the broad coverage policy and provides protection to loss or damage caused by windstorms, explosions, smoke from vehicles or aircraft, and property loss caused by fire, riots and other public disturbances. HO-3 is the most common homeowners' insurance policy and provides protection to all features of the home, including its structure and contents. HO-3 also covers any liabilities that may result from daily activities and accidents that may happen to visitors in the home. This is also known as all risk, special form and open perils policy.
HO-4 is commonly known as the renter's insurance or renter's coverage. HO-4 insures the contents of the home and personal property from the risks defined in the HO-2 policy. It also covers other living costs, medical bills and protection from liability. HO-5 covers the home, its owner, private property and any liability that may affect visitors or passers-by. HO-6 provides coverage for condominium owners who want to insure items that are not under the liability of the homeowners association. It also covers private property inside the condominium and provides private liability protection. HO-8 is known as the older home policy. HO-8 allows owners of older homes with higher replacement rates to insure their units at a cheap value based on the market. If the owner wants to replace old home materials, HO-8 provides coverage for current building materials and construction work.
Whichever type of homeowners' insurance is chosen, it is of dire importance to have it. Without proper homeowners' insurance, the fate of a home is in the hands of the elements or chance. To ensure a happy home at all times, proper protection is needed in the form of homeowners' insurance.
Sources:
"Homeowners' Insurance and Types of Coverage." Free Advice. 16 Nov. 2007. http://insurance.freeadvice.com/information/home/a rticle/15.
"Home Insurance." Wikipedia. 7 Nov. 2007. 16 Nov 2007. http://en.wikipedia.org/wiki/Homeowners_insurance.
"Home Property Insurance-What You Need to Know." The Home Buyers Guide. 16 Nov. 2007. http://the-home-buyers-guide.com/insurance/home-pr operty-insurance-what-you-need-to-know/.
"Get the Home Insurance Facts." Insurance.com. 16 Nov. 2007. http://www.insurance.com/quotes/Article.aspx/Get_t he_Home_Insurance_Facts/artid/15.
Related Articles
Homeowners' insurance rates depend on how much a particular home costs as well the additional property to be insured. Homeowners' insurance quotes specify what will be and what will not be paid for in case of accidents. Damages caused by natural disasters and war are not usually covered, though special home insurance for earthquakes and floods are available.
Homeowners' insurance quotes are often term contracts - contracts that have a fixed time of effectivity. Insurance companies also provide perpetual insurance, a type of homeowners' insurance that does not have a fixed term. The premium is the payment that the homeowners' insurance policy holder makes to insurance companies. Many insurance companies have cheap premium rates if the property has a lesser risk of being damaged or destroyed.
Homeowners' insurance policies were standardized by the Insurance Services Office (ISO) in New Jersey. The ISO was established in 1971 to give risk information and create a simplified insurance policy for homeowners. The ISO created seven standardized homeowners' insurance policy forms that are now commonly used. They are: HO-1, HO-2, HO-3, HO-4, HO-5, HO-6 and HO-8.
HO-1 is a limited policy that only provides protection for specific items such as valuable artworks. HO-1 may also cover damages from fire or lightning. HO-2 is also known as the broad coverage policy and provides protection to loss or damage caused by windstorms, explosions, smoke from vehicles or aircraft, and property loss caused by fire, riots and other public disturbances. HO-3 is the most common homeowners' insurance policy and provides protection to all features of the home, including its structure and contents. HO-3 also covers any liabilities that may result from daily activities and accidents that may happen to visitors in the home. This is also known as all risk, special form and open perils policy.
HO-4 is commonly known as the renter's insurance or renter's coverage. HO-4 insures the contents of the home and personal property from the risks defined in the HO-2 policy. It also covers other living costs, medical bills and protection from liability. HO-5 covers the home, its owner, private property and any liability that may affect visitors or passers-by. HO-6 provides coverage for condominium owners who want to insure items that are not under the liability of the homeowners association. It also covers private property inside the condominium and provides private liability protection. HO-8 is known as the older home policy. HO-8 allows owners of older homes with higher replacement rates to insure their units at a cheap value based on the market. If the owner wants to replace old home materials, HO-8 provides coverage for current building materials and construction work.
Whichever type of homeowners' insurance is chosen, it is of dire importance to have it. Without proper homeowners' insurance, the fate of a home is in the hands of the elements or chance. To ensure a happy home at all times, proper protection is needed in the form of homeowners' insurance.
Sources:
"Homeowners' Insurance and Types of Coverage." Free Advice. 16 Nov. 2007. http://insurance.freeadvice.com/information/home/a rticle/15.
"Home Insurance." Wikipedia. 7 Nov. 2007. 16 Nov 2007. http://en.wikipedia.org/wiki/Homeowners_insurance.
"Home Property Insurance-What You Need to Know." The Home Buyers Guide. 16 Nov. 2007. http://the-home-buyers-guide.com/insurance/home-pr operty-insurance-what-you-need-to-know/.
"Get the Home Insurance Facts." Insurance.com. 16 Nov. 2007. http://www.insurance.com/quotes/Article.aspx/Get_t he_Home_Insurance_Facts/artid/15.
Featured Homeowners Insurance Products:
