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1. Coverage A - Primary structure – Commonly referred to as “dwelling”—This is simply your house.
2. Coverage B – Other Structures -Sheds, garages, and other unattached structures are covered with this premium. This is equal to 10% or less the value of coverage A.
3. Coverage C – Personal Property – This covers personal belongings like furniture or electronic items. This is up to 50% of coverage A, and some insurers allow you to cover for replacement cost. You can also choose other coverage for silverware, firearms, and other personal items in your home.
4. Coverage D – Loss of Use – This is valued at up to 20% of coverage A, where you will receive compensation for hotel, motel, dining, and other expenses, in the event you can’t stay in your home for a period of time due to damage.
5. Coverage E – Liability – If your dog bites a visitor in your home and a lawsuit is pending, this insurance covers you. Basically it protects you from personal liability for these and other possible issues which arise on your property.
6. Coverage F – Medical Payments – This covers medical expenses for coverage E injuries regardless of which party is at fault.
“All risk” and “Named Perils” are the two options of coverage you can choose from when it comes to a homeowner’s insurance policy. With named perils, you are covering the specific perils that are named within the policy, for example- wind, fire, theft, etc. All-risk coverage will simply cover you for everything except for those perils that are specifically excluded, for example- flood, nuclear, war, etc.
With this coverage you have five types of policy options, which are:
A) HO1 – This is basic coverage protecting 11 named perils which include: lighting/electric, mischief, civil unrest, explosions, etc.
B) HO2 – This protects HO1, plus 7 additional named perils including: falling items, bursting steam/water, leaking, freezing pipes, etc.
C) HO3 – This protects HO1 and HO2, plus named contents in your home. This is typically the most chosen policy protection option for homeowners.
D) HO3 with HO15 – Covers your home and personal property plus unnamed items in the above coverage options. It is the broadest of all protection options.
E) HO8 – This is a modified policy which covers architectural homes, preserved homes, and is typically geared towards older homes in need of additional structural protection on them.
Other coverage options –
HO6 – This condo protection policy covers items not protected under your HOA. Floors, ceiling covers, and accessories. It protects additional coverage for medical protection, loss of land use, and other personal loss.
HO4 – Renter’s coverage protects the home for items not covered in HO2 and covers for additional living expenses if required depending on the level of damage to the home.
You can buy additional protection to cover personal endorsements in your homeowner’s policy. These endorsements include:
Discounts up to 14% may be extended for new homes. Security systems like deadbolts, or monitoring systems may also provide discounts of 1 to 5% for homeowners. With sophisticated monitoring equipment, up to 20% discounts may also be extended to homeowners.
For those who combine their policies with the same insurer, discounts ranging from 5 to 15% are offered on certain premium coverage options purchased. Carrier longevity also provides a discount; depending on how long you’ve been with an insurer, your rates will go down over the years. Retired homeowners can also save on average up to 5% on their coverage premium with insurers. And, as a non smoker, there are certain carriers which do provide a discount of up to 5% on the homeowner and additional coverage options you purchase through them.
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