| > | | | | individual policy is determined by named perils and |
| Understanding the secret codes of the insurance | | | | exclusions. Policies can differ from homeowner to |
| industry helps you make sure you hit the ideal of | | | | homeowner. With your agent's help, you can |
| lower insurance costs with better coverage. No | | | | determine how much coverage you and your |
| matter if this is the first time you are shopping | | | | family need.To receive full payment (minus your |
| for a homeowner's insurance policy or if you | | | | deductible) for a partial loss, you must insure your |
| currently have a policy, it is always a good idea to | | | | house for at least 80% of its replacement cost. If |
| be well educated to make sure you have your | | | | you insure for less, the insurance company will |
| home properly and adequately covered. It is also | | | | only pay for part of the expense of a partial loss. |
| important to know what your deductible | | | | If your home is destroyed and you only have |
| is.Standardized HO (home owners) insurance | | | | actual cash value coverage, you may not be able |
| policies include: 1. HO-A provides extremely | | | | to completely rebuild with the claim payment you |
| limited actual cash value coverage for your home | | | | receive.With any policy there are exclusions. Your |
| and contents. Only the types of damage | | | | policy typically does not cover injuries to animals |
| specifically listed in the policy are covered. HO-A | | | | or damage to motor vehicles or aircraft. You also |
| amended policies provide more extensive | | | | are usually not covered for losses due to floods, |
| coverage than the base HO-A but less coverage | | | | mudslides, water damage from sewer backups, |
| than an HO-B. 2. HO-B provides replacement | | | | damage from war or nuclear hazards, neglect, |
| cost coverage for most types of insurable perils, | | | | earthquakes, power failures, seepage, dry rot or |
| except for exclusions. 3. HO-C policies provide | | | | vermin.Homeowner's insurance policies have |
| the most extensive coverageWhen you shop for | | | | different covered perils and exclusions. Check |
| homeowner's insurance, it is very important that | | | | your policy carefully so you understand the kinds |
| you know what your policy covers. Your policy is | | | | and extent of coverage you have.Search for |
| designed to protect homeowners from insurable | | | | home insurance and auto insurance before you |
| perils. These perils can include fire, theft, | | | | buy. |
| hurricanes and several other events. Your | | | | |