Homeowner's insurance - ho-8
The HO-8 Home Insurance Policy is one of the most basic insurance policies available to homeowners. Most homeowners that purchase HO-8 insurance do so because they are either insuring for catastrophic losses only, or can't get a better home insurance policy. The HO-8 home insurance policy only protects the home and contents from the most common perils that occur.
A named perils policy
The HO-8 insurance policy is a named perils home insurance policy. Named perils policies specifically list the perils that your home and personal property are covered for. If something happens to your home and belongings that is not on the list of covered perils, you do not have coverage under the HO-8 home insurance policy.
10 perils against ho-8
The 10 perils the HO8 Home Insurance Policy will protect your home and belongings from are:
insures at market value
The HO-8 home insurance policy is normally used to insure older homes that would be extremely difficult to replace if destroyed. As a result, the HO-8 policy normally insures your home at market value, or replacement cost. Market value can also be referred to as actual cash value. Understanding the difference between insuring your home with replacement cost versus actual cash value could mean the difference between your insurer covering your entire loss versus just a portion of your loss.
perils not covered
Although the HO-8 home insurance policy will protect you from the most common perils, there are a few common perils that have no coverage in an HO-8 policy. The most costly and most common perils not covered are:
A named perils policy
The HO-8 insurance policy is a named perils home insurance policy. Named perils policies specifically list the perils that your home and personal property are covered for. If something happens to your home and belongings that is not on the list of covered perils, you do not have coverage under the HO-8 home insurance policy.
10 perils against ho-8
The 10 perils the HO8 Home Insurance Policy will protect your home and belongings from are:
- Fire or Lightning
- Windstorm or Hail
- Explosion
- Riot or Civil Commotion
- Aircraft
- Vehicles(unless caused by the insured)
- Smoke
- Vandalism or Malicious Mischief
- Theft (usually $1k liability limit)
- Volcanic Eruption
insures at market value
The HO-8 home insurance policy is normally used to insure older homes that would be extremely difficult to replace if destroyed. As a result, the HO-8 policy normally insures your home at market value, or replacement cost. Market value can also be referred to as actual cash value. Understanding the difference between insuring your home with replacement cost versus actual cash value could mean the difference between your insurer covering your entire loss versus just a portion of your loss.
perils not covered
Although the HO-8 home insurance policy will protect you from the most common perils, there are a few common perils that have no coverage in an HO-8 policy. The most costly and most common perils not covered are:
- Water Damage - no water damage of any kind is typically included in a basic HO-8 home insurance policy. Water coverage may be endorsed onto the policy for an additional premium.
- Falling Objects - no coverage is provided for objects falling on your home and contents, unless you can prove the objects fell on your home as a result of one of the ten covered perils that are listed above.