HO3 vs. HO5 - Which one should you opt for?

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PostPosted: Thu Mar 07, 2013 4:17 am   Post subject:   

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Under the HO-3, am I covered if the wind blew the tree down and it fell on my boat?
Do you have a boatowner's policy? If not, there is no coverage for your loss. This is not a homeowner's issue.

Quote:
By the way, it also fell on my neighbors truck-no auto collision coverage
Doesn't matter, it's not a collision loss. Your HO-3 policy might pay for the property damage to your neighbor's stuff.


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PostPosted: Wed Mar 20, 2013 10:11 pm   Post subject: termites  

Is a home with a known history of termite infestation insurable?


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PostPosted: Wed Mar 20, 2013 10:54 pm   Post subject:   

Possibly. But a requirement of the insurance company could be to fix all the preexisting damage as a condition of coverage. The known information must be disclosed to the insurance company, if not, it's called CONCEALMENT and will void your coverage in the event of a related claim.



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PostPosted: Fri Apr 19, 2013 3:43 pm   Post subject: HO3 / HO5 Settlement  

My understanding is that the HO3 settles cov A and B at RCV and Cov. C at ACV. Is that the same for the HO5? Or, does the HO5 settle all three coverages at RCV? Please help. Thanks.


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PostPosted: Fri Apr 19, 2013 9:43 pm   Post subject:   

No, the difference is open peril on structure and broad form on personal property in the HO3 and open peril on all in the HO5. Settlement is the same in both RC for structure and ACV for personal property. Open peril is "all risk" except for named exclusions, which can be a lengthy list.



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PostPosted: Mon Oct 07, 2013 9:47 pm   Post subject:   

How does an HO-5 Broad Form Policy stack up against a traditional HO-3 Special Form


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PostPosted: Tue Oct 08, 2013 4:10 am   Post subject:   

Read the post above yours. All you need to know is right there. Open peril means that all perils are covered except those specifically excluded.



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PostPosted: Tue Dec 10, 2013 2:50 pm   Post subject: cracked sewer line  

I had a cracked sewer line between my home and the street. I understand that the pipe repair is not covered but what about the excation to get to the leak? The damage to the lawn and sidewalk?

This is a sudden an accidental claim where the pipe collapsed. Should I submit to the carrier?


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PostPosted: Tue Dec 10, 2013 3:26 pm   Post subject:   

You have to read the coverage parts in your policy. Don't know where it is? Call your agent or call the insurance company and request a duplicate policy. Typically, losses as you describe are not covered. Not the repairs to the pipe and not the excavation to get to it.



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PostPosted: Wed Sep 03, 2014 11:28 am   Post subject: HO 5 vs HO3  

Give me a few SPECIFIC examples of personal property losses covered under HO5, but, not covered under HO3.


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PostPosted: Mon Sep 08, 2014 3:32 pm   Post subject:   

Your identical question as a member was answered here: http://www.ampminsure.org/manage/about21087.html



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PostPosted: Wed Jun 24, 2015 9:51 pm   Post subject: H03 vs HO5  

I read your explanation of the two policies and while you claim one is better than the other...you do not show or say way (other than 05 covers more than 03. What does it cover that 03 doesn't cover?


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Robert Hoover
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PostPosted: Sat Jul 18, 2015 4:30 am   Post subject:   

I did not claim that one form of HO policy is better than another. The difference between HO-3 and HO-5 is how certain property losses are paid. Broad form coverage applies to losses caused by specific perils named in the policy. Open peril coverage applies to all losses from perils not specifically excluded.



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PostPosted: Thu Dec 03, 2015 6:02 pm   Post subject: HO-3 vs HO-5  

If you add a replacement cost add-on of 25% to a HO-3 policy, will it probably be compatible to a HO-5 policy?


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PostPosted: Wed Dec 09, 2015 3:09 pm   Post subject:   

Read the post above your question. It's not the dollar amount of coverage, but the losses that are covered.



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