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HOME INSURANCE
Home insurance - also commonly called hazard insurance or homeowners insurance (often
abbreviated in the real estate industry as HOI), is the type of property insurance that covers private
homes. It is an insurance policy that combines various personal insurance protections, which can
include losses occurring to one's home, its contents, loss of its use (additional living expenses), or
loss of other personal possessions of the homeowner, as well as liability insurance for accidents that
may happen at the home.l It requires that at least one of the named insured occupies the home. The
dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such
as non-occupancy or age.
The cost of homeowners insurance often depends on what it would cost to replace the house and
which additional riders - additional items to be insured - are attached to the policy. The insurance
policy itself is a lengthy contract, and names what will and what will not be paid in the case of various
events. Typically, claims due to earthquakes, floods, "Act of God", or war (whose definition typically
includes a nuclear explosion from any source) are excluded. Special insurance can be purchased for
these possibilities, including flood insurance and earthquake insurance. Insurance must be updated
to the present and existing value at whatever inflation up or down, and an appraisal paid by the
insurance company will be added on to the policy premium. Fire insurance will require a special
premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify.
The home insurance policy is usually a term contract - a contract that is in effect for a fixed period of
time. The payment the insured makes to the insurer is called the premium. The insured must pay the
insurer the premium each term. Most insurers charge a lower premium if it appears less likely the
home will be damaged or destroyed: for example, if the house is situated next to a fire station, or if
the house is equipped with fire sprinklers and fire alarms. Perpetual insurance, which is a type of
home insurance without a fixed term, can also be obtained in certain areas.
In the United States, most home buyers borrow money in the form of a mortgage loan, and the
mortgage lenders always requires that the buyer purchase homeowners insurance as a condition of
the loan, in order to protect the bank if the home were to be destroyed. Anyone with an insurable
interest in the property should be listed on the policy. In some cases the mortgagee will waive the
need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of
the mortgage balance. In a case like this even the total destruction of any buildings would not affect
the ability of the lender to be able to foreclose and recover the full amount of the loan.
Types of Homeowners Insurance
United States
Prior to the 1050s, there were separate policies for the various perils that could affect a home. A
homeowner would have had to purchase separate policies covering fire losses, theft, personal
property, and the like. During the 1050s, policy forms were developed, allowing the homeowner to
purchase all the insurance they needed on one complete policy. However, these policies varied by
insurance company, and were difficult to comprehend. The need for standardization grew so great
that a private company based in Jersey City, New Jersey, Insurance Services Office, also known as
the ISO (http://www.iso.com/), was formed in 1971 to provide risk information and issued a simplified
homeowners policy for resell to insurance companies. These policies have been amended over the
years until currently, the ISO has seven standardized homeowners insurance forms in general and
consistent use. Of these HO-3 is the most common policy followed by HO-4 and HO-6. Others that
are less used, though still significant, are HO-1, HO-2, HO-5, and HO-8. Each is summarized below:
HO-1 A limited policy that offers varying degrees of coverage but only for items specifically
outlined in the policy. These might be used to cover a valuable object found in the home,
such as a painting.
HO-2 Similar to HO-1; HO-2 is a limited policy in that it covers specific portions of a house
against damage. The coverage is usually a "named perils" policy, which lists the events that would be
covered. As above, these factors must be spelled out in the policy.
HO-3 This policy is the most commonly written policy for a homeowner and is designed to cover
all aspects of the home, structure and its contents as well as any liability that may arise from daily
use, as well as any visitors who may encounter accident or injury on the premises. Covered aspects
as well as limits of liability must be clearly spelled out in the policy to insure proper coverage. The
coverage is usually called "all risk". Also called an "open perils" policy.
HO-4 This is commonly referred to as renters insurance or renter's coverage. Similar to HO-6,
this policy covers those aspects of the apartment and its contents not specifically covered in the
blanket policy written for the complex. This policy can also cover liabilities arising from accidents and
intentional injuries for guests as well as passerby up to 150' of the domicile. Common coverage
areas are events such as lighting, riot, aircraft, explosion, vandalism, smoke, theft, windstorm or hail,
falling objects, volcanic eruption, snow, sleet, and weight of ice.
HO-5 This policy, similar to HO-3, covers a home (not a condo or apartment), the homeowner
and its possessions as well as any liability that might arise from visitors or passersby. This coverage
is differentiated in that it covers a wider breadth and depth of incidents and losses than an HO-3.
HO-6 As a form of supplemental homeowner's insurance, HO-6, also known as a Condominium
Coverage, is designed especially for the owners of condos. It includes coverage for the part of the
building owned by the insured and for the property housed therein of the insured. Designed to span
the gap between what the homeowner's association might cover in a blanket policy written for an
entire neighborhood and those items of importance to the insured, typically the HO-6 covers liability
for residents and guests of the insured in addition to personal property. The liability coverage,
depending on the underwriter, premium paid, and other factors of the policy, can cover incidents up
to 150' from the insured property, all valuables within the home from theft, fire or water damage or
other forms of loss. It is important to read the Associations By-laws to determine the total amount of
insurance needed on your dwelling.
HO-8 It is usually called "older home" insurance. It lets house owners with higher replacement
cost than the market value insure them at the lower market value rate.
In addition, a Dwelling Fire policy is generally available for non-commercial owners of rented
houses, which covers property damage to the structure, and sometimes to the owner's personal
property (such as appliances and furnishings). The owner's liability is generally extended from their
own primary home insurance, and does not comprise part of the Dwelling Fire policy. It is a
counterpart to the HO-4 renter's policy.
Coverages
For each policy, there are typically six classifications of coverage. These are based on standard
Insurance Services Office or American Association of Insurance Services forms.
Section I - Property Coverages
Coverage A - Dwelling
Covers the value of the dwelling itself (not including the land). Typically, a coinsurance clause states
that as long as the dwelling is insured to 80% of actual value, it will be replaced. This is in place to
give a buffer against inflation. HO-4 (renter's insurance) typically has no Coverage A, although it has
additional coverages for improvements.
Coverage B - Other Structures
Covers other structure around the property which are not used for business, except as a private
garage. Typically limited at 10% of the Coverage A.
Coverage C - Personal Property
Covers personal Property, with limits for the theft and loss of particular classes of items (eg, $200
for money, banknotes, bullion, coins, medals, ect).
Coverage D - Loss of Use
Covers expenses associated with additional living expense (i.e. Rental expenses) and fair rental
value, if part of the residence was rented.
Additional Coverages
Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and
shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire
department changes, removal of property, credit card / identity theft charges, loss assessment,
collapse, landlord's furnishing, and some building additions. These vary depending upon the form.
Exclusions
In an open perils policy, specific exclusions will be stated in this section. These generally include
earth movement, water damage, power failure, neglect, war, nuclear hazard, intentional loss, and
concurrent causation (for HO-3).
Home insurance - also commonly called hazard insurance or homeowners insurance (often
abbreviated in the real estate industry as HOI), is the type of property insurance that covers private
homes. It is an insurance policy that combines various personal insurance protections, which can
include losses occurring to one's home, its contents, loss of its use (additional living expenses), or
loss of other personal possessions of the homeowner, as well as liability insurance for accidents that
may happen at the home.l It requires that at least one of the named insured occupies the home. The
dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such
as non-occupancy or age.
The cost of homeowners insurance often depends on what it would cost to replace the house and
which additional riders - additional items to be insured - are attached to the policy. The insurance
policy itself is a lengthy contract, and names what will and what will not be paid in the case of various
events. Typically, claims due to earthquakes, floods, "Act of God", or war (whose definition typically
includes a nuclear explosion from any source) are excluded. Special insurance can be purchased for
these possibilities, including flood insurance and earthquake insurance. Insurance must be updated
to the present and existing value at whatever inflation up or down, and an appraisal paid by the
insurance company will be added on to the policy premium. Fire insurance will require a special
premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify.
The home insurance policy is usually a term contract - a contract that is in effect for a fixed period of
time. The payment the insured makes to the insurer is called the premium. The insured must pay the
insurer the premium each term. Most insurers charge a lower premium if it appears less likely the
home will be damaged or destroyed: for example, if the house is situated next to a fire station, or if
the house is equipped with fire sprinklers and fire alarms. Perpetual insurance, which is a type of
home insurance without a fixed term, can also be obtained in certain areas.
In the United States, most home buyers borrow money in the form of a mortgage loan, and the
mortgage lenders always requires that the buyer purchase homeowners insurance as a condition of
the loan, in order to protect the bank if the home were to be destroyed. Anyone with an insurable
interest in the property should be listed on the policy. In some cases the mortgagee will waive the
need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of
the mortgage balance. In a case like this even the total destruction of any buildings would not affect
the ability of the lender to be able to foreclose and recover the full amount of the loan.
Types of Homeowners Insurance
United States
Prior to the 1050s, there were separate policies for the various perils that could affect a home. A
homeowner would have had to purchase separate policies covering fire losses, theft, personal
property, and the like. During the 1050s, policy forms were developed, allowing the homeowner to
purchase all the insurance they needed on one complete policy. However, these policies varied by
insurance company, and were difficult to comprehend. The need for standardization grew so great
that a private company based in Jersey City, New Jersey, Insurance Services Office, also known as
the ISO (http://www.iso.com/), was formed in 1971 to provide risk information and issued a simplified
homeowners policy for resell to insurance companies. These policies have been amended over the
years until currently, the ISO has seven standardized homeowners insurance forms in general and
consistent use. Of these HO-3 is the most common policy followed by HO-4 and HO-6. Others that
are less used, though still significant, are HO-1, HO-2, HO-5, and HO-8. Each is summarized below:
HO-1 A limited policy that offers varying degrees of coverage but only for items specifically
outlined in the policy. These might be used to cover a valuable object found in the home,
such as a painting.
HO-2 Similar to HO-1; HO-2 is a limited policy in that it covers specific portions of a house
against damage. The coverage is usually a "named perils" policy, which lists the events that would be
covered. As above, these factors must be spelled out in the policy.
HO-3 This policy is the most commonly written policy for a homeowner and is designed to cover
all aspects of the home, structure and its contents as well as any liability that may arise from daily
use, as well as any visitors who may encounter accident or injury on the premises. Covered aspects
as well as limits of liability must be clearly spelled out in the policy to insure proper coverage. The
coverage is usually called "all risk". Also called an "open perils" policy.
HO-4 This is commonly referred to as renters insurance or renter's coverage. Similar to HO-6,
this policy covers those aspects of the apartment and its contents not specifically covered in the
blanket policy written for the complex. This policy can also cover liabilities arising from accidents and
intentional injuries for guests as well as passerby up to 150' of the domicile. Common coverage
areas are events such as lighting, riot, aircraft, explosion, vandalism, smoke, theft, windstorm or hail,
falling objects, volcanic eruption, snow, sleet, and weight of ice.
HO-5 This policy, similar to HO-3, covers a home (not a condo or apartment), the homeowner
and its possessions as well as any liability that might arise from visitors or passersby. This coverage
is differentiated in that it covers a wider breadth and depth of incidents and losses than an HO-3.
HO-6 As a form of supplemental homeowner's insurance, HO-6, also known as a Condominium
Coverage, is designed especially for the owners of condos. It includes coverage for the part of the
building owned by the insured and for the property housed therein of the insured. Designed to span
the gap between what the homeowner's association might cover in a blanket policy written for an
entire neighborhood and those items of importance to the insured, typically the HO-6 covers liability
for residents and guests of the insured in addition to personal property. The liability coverage,
depending on the underwriter, premium paid, and other factors of the policy, can cover incidents up
to 150' from the insured property, all valuables within the home from theft, fire or water damage or
other forms of loss. It is important to read the Associations By-laws to determine the total amount of
insurance needed on your dwelling.
HO-8 It is usually called "older home" insurance. It lets house owners with higher replacement
cost than the market value insure them at the lower market value rate.
In addition, a Dwelling Fire policy is generally available for non-commercial owners of rented
houses, which covers property damage to the structure, and sometimes to the owner's personal
property (such as appliances and furnishings). The owner's liability is generally extended from their
own primary home insurance, and does not comprise part of the Dwelling Fire policy. It is a
counterpart to the HO-4 renter's policy.
Coverages
For each policy, there are typically six classifications of coverage. These are based on standard
Insurance Services Office or American Association of Insurance Services forms.
Section I - Property Coverages
Coverage A - Dwelling
Covers the value of the dwelling itself (not including the land). Typically, a coinsurance clause states
that as long as the dwelling is insured to 80% of actual value, it will be replaced. This is in place to
give a buffer against inflation. HO-4 (renter's insurance) typically has no Coverage A, although it has
additional coverages for improvements.
Coverage B - Other Structures
Covers other structure around the property which are not used for business, except as a private
garage. Typically limited at 10% of the Coverage A.
Coverage C - Personal Property
Covers personal Property, with limits for the theft and loss of particular classes of items (eg, $200
for money, banknotes, bullion, coins, medals, ect).
Coverage D - Loss of Use
Covers expenses associated with additional living expense (i.e. Rental expenses) and fair rental
value, if part of the residence was rented.
Additional Coverages
Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and
shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire
department changes, removal of property, credit card / identity theft charges, loss assessment,
collapse, landlord's furnishing, and some building additions. These vary depending upon the form.
Exclusions
In an open perils policy, specific exclusions will be stated in this section. These generally include
earth movement, water damage, power failure, neglect, war, nuclear hazard, intentional loss, and
concurrent causation (for HO-3).