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Are You Properly Insuring Your Home?
6 Steps to Be Sure
By Kitty Werner
Is your home covered with the correct insurance in case your property is caught in the middle of a tornado, flood, mudslide, hurricane or other natural disaster? Perhaps you had better check to make sure.
1. Know What You're Looking For
There are five forms of homeowners' insurance policies. It is worth reviewing your house insurance yearly to make sure you are covered for any conceivable incidents in your area. Make sure you are not overpaying for the value of your home, but are also not underinsured either. - The Basic Form (HO-1) – This covers 11 types of losses to the structure of the house and its contents. Included losses are fire and lightning, smoke, vandalism, theft, windstorms and hail, explosions, riots and civil commotions, damage by vehicles or aircraft, glass breakage and volcanic eruptions.
- The Broad Form (HO-2) – Covers all of the above plus damage from the weight of snow, ice, sleet, surges or short circuits in electricity or problems stemming from the malfunction of plumbing, heating, air-conditioning systems or domestic appliances.
- The Special Form (HO-3) – This is the most widely sold homeowners policy. It provides all of the above plus more extensive personal property coverage. The exceptions are floods, earthquakes, war, nuclear accidents and similar catastrophes.
- The Comprehensive Form (HO-5) – Except for floods, earthquakes and war, this policy covers everything, but it is not available through all companies. If you have special circumstances, you can purchase riders to a Special Form to expand its coverage.
- Older Homes Policy (HO-8) – This covers much older homes that would be prohibitively expensive to replace. It covers the actual cash or market value of the home at the time of damage, not the full amount of money you spent restoring it.
