Basic Coverages Of Ho-3 Policy

The basic coverage the HO-3 Policy provides is for damage of house due to hailstorms, lightening, fire, theft, vandalism, explosion, riots, vehicles, heavy snow, bursting of pipes due to heating elements, water seepage and frozen pipes.

Additional coverages for HO-3 Policy

The following are the additional coverages for the Ho-3 POLICY:

Credit card

The HO-3 policy covers you for around 500$ amount, if your credit card is stolen and you have to pay the credit card company.

Debris Removal

If an unfortunate incident occurs and the house burns down leaving a lot of debri, then the HO-3 policy covers the debris removal costs.

Assessment Of loss

The policy covers up to 1000$ for loss assessment that a company may charge you.

Fire department service

Amount of around 500$ is covered by the HO-3 Policy incase you need to pay for the service charges of the fire department.

Plants coverage

If due to a fire or any other disaster your plants are destroyed, then the HO-3 policy covers for the replacement which is 5% of the coverage A.

Collapse of property

The HO-3 policy covers damage caused due to collapse of property .The causes should be due to hidden vermins and insects, weight of people, animals and equipment, rain weight on roof, collapse occurring during construction due to faulty procedures.

HO-3 Versus Ho-5 Policy

The HO 3 policy is a special form policy that has a wide range of coverage excluding damages caused due to calamities like war, earth quake and floods. The HO 5 is a comprehensive policy that covers all items as in HO3 plus it provides coverage for personal belongings in your house. You can upgrade your existing HO3 policy for this extra coverage by taking a Special personal property Endorsement.

Perils And Exclusions

It is important for you to know what perils and exclusions mean before you buy a policy.

Perils

These are the events that lead to damage of your house and property. They mainly refer to natural disasters like hail storms,winds,lightening etc.If your policy does not cover certain perils than you can opt for extra protection on your policy by taking an endorsement on it.

Exclusions

These are coverages that are excluded from your policy. The basic exclusions are as follows:

• Mold
• Rust
• Wear and tear
• Smog
• Deterioration
• Shrinkage of pavement
• Cracking of walls
• Damage caused by domestic animals and birds.

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Optional Coverages

You can go for optional coverages if they are excluded in your standard policy.

Earth quake Insurance

The standard Home owners insurance policy does not cover damage due to earth quakes. For this coverage you must opt for earth quake endorsement with your normal policy. This will give you the needed coverage.

Flood insurance

This is also excluded in the standard home insurance policy. For this coverage it is advised that you consult your casualty insurance agent. It is important for you to do this if you are in a very high flood risk area.

The HO 3 policy gives you a wide coverage and is therefore the most popular, all risk home owners insurance policy .Get your HO-3 policy today!

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