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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.
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What is peril insured against?
That would depend on your insurance policy. Te covered perils are listed in your policy package under the heading "Covered Perils". You could review your coverage with you Insurance Agent for clarification.
Are air conditioners covered by homeowners insurance?
Yes, Your air conditioner for your home is covered for the same perils as the rest of your home structure for covered perils such as Fire, Wind, Hail etc. It is not however covered for normal wear and tear or expected maintenance. See your home insurance policy or talk with your insurance agent about the covered perils you selected for your homeowners insurance policy.
What is covered perils in a fire policy in North Carolina?
Each company has several different policies and each policy can cover different perils. Also, each policy can have additional endorsements which would cover more perils than a regular "bare bones" policy.
What does home owners insurance protect the home from?
It is based on the covered perils of your individual policy. The number and type of covered perils varies greatly from policy to policy, company to company, and endorsement to endorsement. It is pretty standard that most policies at the very least cover Fire, Theft, Wind, and Hail. Some policies cover much much more, such as Water, Collapse, Riot. If you have a policy, look at the covered perils section. If you don't have a copy of your policy call your agent and request one.
Is ceiling sag covered?
Very unlikely. Refer to your Insurance Policy schedule of covered perils. You will see things like, Fire. Wind, Hail, lightning. If one of the covered perils in your policy was the direct cause of your "ceiling sag" then it would be covered. If your ceiling is just old and sagging then No. That's an owners maintenance responsibility.
What is the difference between a Named perils insurance policy and an All risk insurance policy?
Standard Homeowners Policy Verses All Risk PoliciesMost Homeowners Insurance Policies are "Named Risk". They list all the covered perils for which the Insurance company will offer coverage. So If It is not on the list, It basically is not covered.An All Risk Policy is just the opposite. It lists all the perils that are "not" covered, On these policies if it is not on the list, then it "is" covered.AnswerA named perils policy only covers perils listed in the policy. For example, a named perils policy will usually cover an accidental fire loss at your home because fire is listed as a covered peril. However, lets say you have a water loss at your home when a water line breaks. If water loss is not listed as a covered peril under your policy, then you will have to pay for the damage yourself, which can be expensive. For a named peril policy you need to look at the the policy to see what perils are covered.On the other hand, an all risk policy will cover any peril unless its specifically excluded under your policy. An all risk policy provides you more coverage than a named peril policy. For an all risk policy you will look to the Exclusions section of the policy to determine what is not covered. In the water loss example above, unless water losses are specifically excluded under the policy, the loss is covered.An all risk policy will cost you more in premiums, but is worth the price.
Is your well covered under homeowners insurance?
Contact your insurance agent. If you have additional structures coverage and your well meets the definition of an additional covered structure on your policy you may have coverage. Bear in mind that additional structures will be covered for the same perils as your main structure. Typical perils are Fire, Wind, Hail damage etc per your schedule of covered perils.
Personal property is covered under what peril?
The listed perils (barring exclusions) in your home owners or renters policy.
Does homeowner insurance cover hvac?
Your HVAC is covered under your homeowners insurance for the same perils as your home, such as Wind, Hail, Fire lightning etc and subject to the applicable deductibles. See your Home insurance policy for schedule of covered perils.
Will your home owners insurance cover stolen wedding ring?
If it is scheduled on your policy and premium was paid, the wedding ring would be covered for the perils specified on the policy.
Is water damaged cover by insurance?
It depends on the covered perils of your policy. On some policies there is coverage for water damage and on some policies water is not a covered peril or it is excluded.
Does home owner's insurance cover all of your appliances?
Yes, appliances, furnishings and other permanent fixtures of the home are generally covered under the unscheduled contents portion of your home insurance policy up to the specified limits for contents.Appliances are covered for the same perils that the rest of the house is covered for, Typical covered perils are Fire, wind, hail, theft, etc.Bear in mind that your home insurance policy does not provide warranty for appliances. They must have been in good working order and damaged by a covered peril to be eligible for coverage.
