ARE THERE DIFFERENT TYPES OF HOMEOWNERS POLICIES?
Yes. HO-1, HO-3 and HO-5 are the standard homeowners policies. HO-4 is Renters insurance for contents and liability only. HO-6 is condo insurance. HO-8 is a non-replacement type policy used for older homes insured at lower market values. DF-1 DF-3 are typically for vacant, second or seasonal homes and landlord policies. MH-1 MH-3 are Mobile home policies. Coverages vary within these polices. ARE THERE DIFFERENT TYPES OF COVERAGES? There are two basic types of coverages. 1. Replacement cost coverage can be from 100% to 150% of the face value of the policy depending on endorsements. With replacement cost coverage damage would be replaced with new, like kind and quality. Replacement cost coverage can be available for A. the structure of your home, B. the contents, and C. the roof. Each coverage is separate in the policy. 2. An actual cash value (ACV) policy includes depreciation. The older your possessions are, the less you will get if they are damaged. ACV coverage will not be enough to
