ho3 policy

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PostPosted: Wed Feb 04, 2009 10:01 pm   Post subject: ho3 policy  

what will an ho3 policy do for you that an ho2 wont do?

jdean110
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PostPosted: Thu Feb 05, 2009 6:01 am   Post subject:   

Ho3 policy is more comprehensive and provides wider rage of coverage than the HO2 policies. HO3 is also known as the “all risks policy” and seems to be the default choice of the homeowners. But its not actually an “all risks policy”, i.e. it wouldn’t cover all the losses that might occur to your home, rather it would list out the perils which wouldn’t receive coverage under this plan. So, ho3 policy can also be called a “named exclusion policy”.



On the contrary, HO2 policy is the named perils policy, i.e. you would only receive coverage for the damages if only those were caused by the perils mentioned in the plan.

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PostPosted: Thu Feb 05, 2009 6:32 am   Post subject:   

An ho3 policy also provides coverage to the additional structures attached to the house, like- the garage and storehouse. But both HO2 and HO3 wouldn't provide coverage for damages caused by earthquake and flood. Hence, residences of flood and earthquake prone areas are required to purchase additional coverage for these perils.


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PostPosted: Tue Feb 17, 2009 4:14 pm   Post subject: ho3 policy is different than ho2 policies  

HO2 policies are setup for homes that are VERY old and could not (or it would be very expensive) be rebuilt with the same building materials. An example (unrealistic of course) would be if your home was built out of marble. HO2 would cover your property as though it was a normal home.

This particular form also has a much shorter list of covered perils.

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PostPosted: Tue May 05, 2009 9:21 am   Post subject:   

Hi Liza, I think more or less the same perils are covered under both HO2 and HO3 the only difference is in the verbiage. HO2 state that it would offer coverage only for the perils mentioned in the plan, whereas the ho3 policy states that all are covered expect the mentioned few. But if you take a close look at the list of perils covered under the plans they are almost same. What do you say?

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PostPosted: Tue Feb 02, 2010 10:53 pm   Post subject: auto insurance  

What type of auto insurance best fits my need I have 2001 cheverlopt silverado. I do not need full coverage , however, since I do not have medical insurance. Should i get PIP just in case if I were to get into an accident?


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lpocer
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PostPosted: Tue Feb 02, 2010 11:47 pm   Post subject:   

Have to correct the misinformation in this thread in a couple of areas. First of all:



Quote:
HO2 policies are setup for homes that are VERY old and could not (or it would be very expensive) be rebuilt with the same building materials. An example (unrealistic of course) would be if your home was built out of marble. HO2 would cover your property as though it was a normal home.




I think you're referring to a HO-8/Market Value form, not a HO-2 policy. Next:

Quote:
Hi Liza, I think more or less the same perils are covered under both HO2 and HO3 the only difference is in the verbiage. HO2 state that it would offer coverage only for the perils mentioned in the plan, whereas the ho3 policy states that all are covered expect the mentioned few. But if you take a close look at the list of perils covered under the plans they are almost same. What do you say?




No. A HO3 Special Form contract offers "open-perils with exclusions" on the dwelling (NEVER USE "ALL-RISK!!!") and named perils on the insured's unscheduled personal property, or UPP.



A HO-2 Broad Form provides named perils coverage for both the dwelling and UPP.



Therefore the coverage differences between the two forms are huge on the dwelling portion of the contract.



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PostPosted: Tue May 04, 2010 5:15 pm   Post subject: HO2 vs HO3  

Can anyone give examples of what is not covered on HO2 which is on HO3..


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agent
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PostPosted: Tue May 04, 2010 10:49 pm   Post subject:   

Look at the 'named perils' in the HO2, that's the ONLY thing the dwelling is covered against...nothing else..that's it.



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PostPosted: Fri May 06, 2011 2:29 pm   Post subject: underground oil tank  

Does the ho3 form exclude coverage for 1st party? Does it provide coverag for 3rd parpty?


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PostPosted: Fri May 06, 2011 7:21 pm   Post subject:   

What exactly did you want to know. Liability (third party) claims are covered by an HO-3, as are personal property and dwelling coverage (first party) claims. There are all sorts of exclusions that you have to read the policy to know about.



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