Our homes are unique — some people own condos and ranches, while others live in standard houses. For this reason, insurance riders offer policies with different terms to ensure homeowners pay a fair price for the protection they receive. Let’s break down various policies to help you select the right coverage.
A customized home insurance policy reduces worry about your investment, enabling you to focus on enjoying and achieving other things in your life.
Insurance protects your home from losing value in case of disaster. It preserves your wealth and ensures your family, pets and guests get immediate attention in case they’re injured during a disaster. Ultimately, your insurance pays for replacements, repairs and medical expenses so you don’t have to cover unforeseen costs from your pocket.
David Pope Insurance Services, LLC is a family-owned insurance company helping residents of Missouri, Washington and surrounding states get home insurance with the best coverage at a fair cost. We will guide you through comparing covers from different companies and select a policy that will pay for repairs and replacements at an affordable price.
You can choose from eight policies based on the uniqueness of your home and the amount of coverage you desire.
The eight policies include:
An insurance rider modifies the original insurance policy to increase or decrease coverage. For example, if a company offers you a policy that does not cover your tool shed, you can ask them for a rider to include the shed in the policy.
Also known as an endorsement, the rider protects you from paying for repairs or replacements of structures, tools or valuables out of pocket.
The eight types of insurance policies consist of open and named perils. Named perils are covered, while open perils are excluded.
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The insurance policy covers these 10-named perils and excludes everything else:
HO-1 also excludes personal belongings and living expenses — for this reason, many states no longer offer this type of coverage.
HO-2 insurance is an expanded HO-1 plan covering the 10 perils plus:
This policy offers comprehensive coverage protecting your home from all open perils except those requiring a separate policy, such as flooding, nuclear accidents and earthquakes. It covers personal liabilities, property and structures.
The policy covers a tenant’s personal belongings, living expenses and personal liability, excluding the structure.
The HO-5 is a premium version of HO-3 with open coverage for structures and personal belongings. While the HO-3 covers your home’s actual cash value, the HO-5 reimburses the replacement cost. The HO-5 offers more coverage for jewelry and other valuable items.
This insurance is tailored for condominium owners and covers:
Mobile homes include trailers, single-wide homes, recreational vehicles (RVs) and double-wide homes. The HO-7 insurance policy covers your mobile home’s personal property, dwelling and general liability.
This policy is designed for old and even historic homes with unique features that are no longer on the market. Since replacing the rare pieces in these houses is challenging — and often impossible — the policy pays for the actual cash value of structures and personal property.
An insurance rider is an alteration of the original policy to include or exclude certain types of property, damage or liability. Your insurance company can modify your policy to extend or scale back your coverage.
Standard policies may not be sufficient if you live in areas prone to natural disasters, such as floods along the Mississippi River, and earthquakes. As a homeowner in disaster-prone areas, you need a rider to protect you against financial setbacks in such times.
You can apply to the National Flood Insurance Program to receive government-provided coverage, but we also recommend going through your insurance company to access sufficient flood coverage.
If you own rare jewelry, art and collectibles, you may purchase a cover for reimbursement if these items are lost or damaged during a disaster.
Now that you understand the home insurance policies available, it’s time to select an option to protect you from financial losses.
Analyze your home to find out what you need to be covered, and then shop for a suitable policy. Follow these tips when choosing a policy:
David Pope Insurance has the expertise to help you find a customized insurance policy for your home, whether you own a condo, trailer or antique home. Our company will:
Request a quote to learn more about our services.
Home insurance will give you peace of mind and prevent financial setbacks when unforeseen disaster strikes your property. With different types of insurance policies in the market, you need to understand what each covers — so you can choose the one with comprehensive coverage for your house, structures, personal property and liability.
To save time and get coverage within your budget, hire an insurance expert with experience to help you find a customized policy with a company that will keep their end of the agreement.
Proceed to the next chapter to learn more about home insurance coverage.