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Types of Homeowners Insurance Policies
A package policy for dwelling and contents risks combining fire and allied line coverage with comprehensive personal liability and theft insurance for homeowners and tenants. This policy carries an indivisible premium in that the premium is not separately stated or broken down for the various hazards insured against. There are different homeowners forms, varying in extent of coverage and cost from the broad cause of loss policy (HO2), to the special cause of loss policy (HO3), to the renter’s policy (HO4).
A form of real estate ownership becoming increasingly popular. It is the individual ownership of a single unit in a multiple-unit building or group of buildings, together with a percentage interest in that part of the total property owned jointly by all unit owners. In an apartment building, each apartment would be a unit and the stairways, pathways and parking areas would be in common ownership. Condominium property requires special insurance treatment.
In personal lines insurance, it is a package of property and liability coverage designed to protect apartment or dwelling renters. Although renters do not own the building, physical damage losses could occur to owned contents, and liability coverage is needed for personal and premises exposures. It is a self-contained package with endorsements available to add or increase coverage, much the same as a homeowners policy.
A special policy has been designed to meet the needs of mobile home owners or occupants, covering physical damage to the home, contents and personal liability while the home is used as a permanent residence.
Coverage against damage done by the rising or overflowing of bodies of water.
Umbrella Liability Insurance
A form of liability insurance protecting policyholders for claims in excess of the limits of their primary automobile, general liability and workers compensation policies, and for some (few) claims excluded by their primary policies which are subject to a deductible, which may range from $250 for a personal umbrella to a minimum of $10,000 for a commercial umbrella.
This covers occupational liability of those who are employed by others.
Provides liability coverage for business activities such as an office or studio on the residence premises.
(Jewelry, furs, computers, etc.): An endorsement to a homeowners policy allowing the insured to schedule both the coverage and the value on specific items.
Water Sewer Backup
Covers the damage to dwelling and personal property caused by water which backs up through sewers or drains or water which enters into and overflows from within a sump pump, sump pump well, or other system designed to remove subsurface water which is drained from the foundation area. Coverage limitations vary by company.
Provides liability coverage for a home day care business on the residence premises.
Personal Property Replacement Cost
Provides full replacement cost coverage on personal property in place of actual cash value coverage.
Additional Residence Rented to Others
Extends the homeowner section II – liability coverage to additional residences rented to others.
Injury, other than bodily injury, resulting from false arrest, false detention, false imprisonment, malicious prosecution, wrongful eviction, wrongful entry, or the invasion of privacy of a premises. It also includes injury caused by oral or written material that slanders a person, goods, products, services, or which violates the right of privacy.
Service line coverage is designed to cover the cost to repair or replace damaged underground piping or wiring on your property for which you are responsible. Service Lines are fixtures that connect your house with public utilities or private systems that are critical to the function of your property. They can include, but are not limited to: Main water or sewer piping, Geo Thermal piping, valves, underground power lines, communication lines, fiber optic wiring or cables.
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