No. "HO3" is for owner occupied dwellings. "HO6" is an owner occupied, condo unit owner's policy. HO3 is for the house itself (dwelling), personal property, liability, and loss of use. HO6 is for personal property, "walls-in" coverage (usually called additions & alterations), liability, and loss of use
An HO-3 policy is considered an "all risk" policy, meaning a loss is covered unless it is specifically excluded. Review the "exclusions" portion of your policy to see what type of losses are excluded. An HO-3 policy affords an insured more protection than any other policy. I would recommend purchasing the HO-3 policy if you are in the market for insurance.
ISO has standard homeowners policy forms that most companies use so that when you look at one HO-3 it is the same as another HO-3 unless endorsements are added to change parts of it. They create many different policy forms for all kinds of insurance for use by companies and state insurance departments. An HO-7 is not one of these standard forms. If you look on the internet a few companies describe it as a mobile home policy and some a ramped up homeowners with extra coverages added. Be carefull that you understand what you are buying when you purchase one of these non-standard forms.
No, they are not the same. HOA - Basic Coverage, is a Homeowners Insurance Policy Form "A", Also known as a HO1 policy. The HOA is the most common home Policy Form purchased in the United States. It is usually based on ACV valuation rather than on Replacement valuation in the event of a claim. Although it is generally the most affordable Home Insurance one can buy, it also tends to offer minimum coverages. HO2 - Extended Coverage, Also known as an HOB or Homeowners Policy Form "B" HO3 - Broad Coverage, is also Known as an HOC Policy, Homeowners Insurance Policy Form "C". The HO3 Home Insurance Policy is considered the Cadillac of Homeowners Insurance Policies offered in The United States. It is based on Replacement Coverage valuation and offers the broadest, most expansive coverage available but also is the most expensive.
Every "homeowners" insurance policy in State of Florida is designated HO. The number after it indicates what type of policy it is. H0-1 typically indicates it is a Dwelling policy, which usually provides the most basic coverage. HO-3 indicates whats called "Special Form" coverage, which is typically the most inclusive and comprehensive. HO-6 indicates that it is a Condominium coverage type policy. Please read your policy for any further detail/explaination. This is a broad explaination that may not apply to all specific policies. If you do not understand your policy, call your agent and have them explain it to you.
There is no such thing as a comprehensive homeowners policy. What you are probably thinking of is a HO policy or Homeowners policy. Their are 2 common policy's sold that are homeowners. One is an HO-3 and the other is an HO-5. These policy's provide a wide range of coverages compared to just a DP-1 or DP-3 policy. DP is a dwelling fire policy. This provides just very basic perils on a policy. Pretty much it just covers wind, fire, weather, and a few other basic things. Mark Owner of Denvers Insurance
It depends on your policy form. Homeowners policies come in the following policy forms: HO-1, HO-2, HO-3, HO-4, HO-5, HO-6, HO-8, HO-10. Then there are also endorsements to add or delete coverage from your policy. If you tell me what basic form you are refering to then I can tell you the Section One coverages.
An HO-8 policy is generally made for an older home in a situation where you may not want to carry the amount of insurance it would take to rebuild the home as it is. This policy is an Actual Cash Value policy which means that they will pay claims based on what the real estate value of the home is rather than what the replacement cost of the home is. An HO-3 requires that you insure the home for the amount that it would take to rebuild it as it is with similar material. In this case, a homeowner may not want to pay for $400,000 of insurance when the home is worth $100,000 on the real estate market. With an HO-8 or HO-10 policy you can purchase $100,000 of insurance and if the house burns the company will pay you $100,000 for the home plus the amount for you contents inside the home.
HO-15 is an endorsement that can be attached to home owner's policy form HO-3. It provides the broadest form of protection to your home but can be very expensive. This offers more protection than the HO-5 policy form. Mac
A home without a solid concrete foundation will probably not qualify for an HO-3 form homeowners policy. However, a home like this is most likely an older house where the HO-3 would probably not be the best policy for this home anyway due to the requirement for replacement cost. In order to write a HO-3 policy you must insure it for at least 80% of the full replacement cost of the house. If the amount of insurance falls below 80% and a claim is presented then there will be a penalty and only part of the claim will be paid. Replacement cost means to rebuild the home exactly like it was when originally built with similar material. On an older home this is extremely high due to the cost of similar material. For this reason, you would want to write a HO-10 or HO-8 policy for these older homes as it is a actual cash value policy instead of replacement cost.
There are several different types of policy forms used by property insurance companies. For an owner occupied single family home (versus a rental property, secondary residence, or condo) the policy form typically used is called the Homeowners Form 3 (HO-3). The HO-3 policy will cover "sudden and accidental" water damage. What this means is that if you have a constant leak that was in plain view then the damage would not be covered. It has to be "sudden and accidental". The best way to determine whether or not you have coverage for this is by looking at your contract. The HO-1 and HO-2 policy forms are more limited. In the HO-3 you will want to read everything under the Section 1: Dwelling Coverages, AND the exclusions for Section 1: Dwelling. The reason that you need to refer to the Dwelling Coverages (Coverage "A" on most policies) is because a brick fireplace is a permanent part of the structure of your home.
You are probably referring to an HO-3
Not unless you are named on the policy.