Nationwide House Insurance
Nationwide House Insurance
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HomeOwners Standard Forms
HO-1: This is the most basic homeowner’s policy available. HO-1 policies only covers perils that are specifically named. Some mortgage companies do not consider these policies enough coverage for a home and require additional endorsements.
The perils covered are:
- Fire and Lightning
- Windstorm and Hail
- Explosions
- Riots
- Aircrafts
- Vehicles(unless caused by the insured)
- Smoke
- Vandalism
- Theft
- Volcanic Eruption
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HO-2: HO-2 policies covers the property’s structure and the contents inside it. It insures the ten perils covered in HO-1 policies and these additional six:
- Falling Objects
- Weight of Ice, Snow, or Sleet
- Accidental Discharge or Overflow of Water or Stream
- Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
- Freezing
- Sudden & Accidental Damage from Artificially Generated Electrical Current
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HO-3: The HO-3 is the most common homeowner’s insurance policy because it protects against all perils except those specifically excluded.
HO-4: The HO-4 policies are renter’s insurance policies. A basic renter’s insurance policy insures the content inside a property and not the actual property itself. HO-4 policies only cover specific perils that are named within them.
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HO-5: In HO-5 policies, all risks are on an open perils basis. Unless it is specifically excluded on the policy, your belongings are protected.
HO-6: HO-6 policies are insurance policies for condominiums and co-ops. These policies are often called walls-in coverage because they only protect the individual unit.
HO-7: This policy provides HO-3 coverage for mobile homes.
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HO-8: These policies are intended for homes whose repair costs exceed their market values. These policies are named peril policies and generally exclude a replacement cost option.
Contents insurance, also referred to as personal property, protects personal items that are stolen or destroyed by perils covered by an insurance company. Personal property coverage also includes items that are not stored inside the home.
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Expensive items like jewelry and collectibles are covered, but there are usually dollar limits if they are stolen. Items count as personal property if they are not attached to the house, with the exception of motor vehicles. Personal property includes, but is not limited to:
- Furniture
- Clothing
- Electronics
- Appliances
- Artwork
- Decor
- Dishes
- Tools
- Refrigerator and pantry contents
- Sporting goods and toys
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Actual Cash Value vs Replacement Cost Value
Insurance companies will pay for personal property based on the type of coverage selected. Homeowner’s can select to have their property replaced at actual cash value or replacement value. Replacement value and cash value. Click here if you are in Tennessee?
Actual cash value is the replacement value of the property minus depreciation. Standard homeowner policies pay you for the actual cash value (ACV) of your possessions after they are destroyed. For example, you may have paid $1,500 for a new dryer five years ago, but today it may only be valued at $1,500 due to depreciation. With actual cash value, you would only get the $1,500 for the dryer from the insurance company.
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Replacement value is the cost to replace the property with property of equal or comparable value. If you want to be fully insured, you’ll want to make your policy a replacement cost value (RCV) policy. Replacement cost value means you are getting the exact amount to replace the same object for current market price. If that TV was $3,000 then, you will get $3,000 to replace it. This may also cost more than the ACV version.
Premiums for replacement value policies tend to be higher because the settlement amount received from the insurance carrier is higher.
