xuv
New Member
Posts: 38
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Post by xuv on Oct 9, 2011 4:21:49 GMT -5
In addition to insuring against the above mentioned events, this policy protects against loss due to the following: freezing of plumbing, flooding due to plumbing overflow and heating system malfunction. Generally, mortgage lenders insist on homeowners insurance. This is because the house functions as their collateral. While HO-1 covers damage due to 11 factors, HO-2 protects against 17 factors that may result in loss of property and belongings.
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Post by homeinsur80 on Oct 10, 2011 5:04:51 GMT -5
policy provides protection against the perils of nature. The policy premium may be higher in case of homes located in areas prone to hurricanes and windstorms. The policy also covers up to $2000 worth of jewelry against loss due to theft. The HO-3 policy covers the cost of rebuilding the house in case the house gets destroyed. Just like the HO-2 policy, HO-3 covers the cost of damage to the house on account of flooding due to plumbing overflow and heating system malfunction.
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