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 Posted: Fri Aug 29, 2008 8:21 pm Post subject: HO3 vs HO8: Which one the homeowner should choose? |
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| What are the basic differences between ho3 and ho8? What is the protection available under Ho8 policy? |
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cptgrooo
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| Posted: Sat Aug 30, 2008 10:24 am Post subject: HO3 vs HO8 |
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HO3 is the most popular form of homeowners policy written for insuring the homes. HO3 policy covers most of the perils that may damage your dwelling.
HO8 is specially designed to protect the heritage and old dwellings. It offers protection against perils like- theft, riots, volcanic eruption and so forth. Normally, you can receive the actual cash value for your damages, ie. it'll replace the damaged property after deducting the depreciation costs. The ho3 vs ho8 debate would remain, but it's important to understand the different factors that support each of these.
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Rupert |
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RupertWBradson
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| Posted: Sat Aug 30, 2008 11:15 pm Post subject: HO3 vs HO8 |
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HO-1: Limited coverage policy
This “bare bones” policy covers you against the first 10 disasters. It's no longer available in most states.
HO-2: Basic policy
A basic policy provides protection against all 16 disasters. There is a version of HO-2 designed for mobile homes.
HO-3: The most popular policy
This “special” policy protects your home from all perils except those specifically excluded.
More at CondoAssociation.com
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Roger
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| Posted: Fri Jun 12, 2009 10:30 pm Post subject: ho8 vs ho3 |
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Is an HO3 policy a replacement policy?
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case1004
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| Posted: Wed Jul 08, 2009 10:44 am Post subject: HO3 vs HO8 |
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| Well Case, leaving the ho8 vs ho3 debate aside, you normally have a choice with the HO3 policy. You can either opt for actual cash value coverage, which would cost you less than the replacement cost coverage. But HO8 normally offers actual cash value coverage only, i.e. if your ancestral home gets damaged the insurer would deduct the depreciation value of the property from the claim amount and would pay the remaining. |
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jeorge
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| Posted: Tue Aug 18, 2009 6:37 pm Post subject: |
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does ho 3 have replacement coverage and water coverage
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raj901
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| Posted: Thu Dec 02, 2010 12:05 pm Post subject: Replacement cost |
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Can you get replacement cost loss settlement in the HO-8?
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Roger
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| Posted: Tue Dec 07, 2010 6:13 pm Post subject: |
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HO-8 is a stated value/agreed value property form for dwellings that are too old or have special value that cannot easily be calculated in terms of replacement cost. They may be of historic importance (greater value than pure replacement cost) or so old or in such condition that the actual value is far less than replacement cost based on square footage.
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MaxHerr
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