what do you think your homeowners insurance policy covers that it does not also exclude?
Saturday, September 19th, 2009 at
11:45 am
randomjog asked:
by “exclusions,” i mean the quaintly worded paragraph “what is not covered” as well as the designated “exclusions.”
by “exclusions,” i mean the quaintly worded paragraph “what is not covered” as well as the designated “exclusions.”
by “homeowners insurance” i mean iso form HO-3 or other iso form sold to consumers rather than commercial enterprises.
interesting that the insurance hacks are answering the other question about homeowners insurance being a scam by saying that it is valuable, but are ducking this one.
their stock answer will be “read the policy.”
as if. i am a coverage attorney and to the extent that i can even read it, it excludes coverge of anything and everything.
Tagged with: Commercial Insurance • Hacks • Homeowners Insurance
Filed under: Homeowners Insurance
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The HO-# policies can be confusing to non-insurance people. There are some many variations to the policies between the states and companies. This often leads to bad information provided by people that do not truly understand insurance.
It is a good idea to purchase your insurance through an agent instead of a website if you don’t understand insurance. The agent can get the information from you about what needs to be covered, and explain policy provisions to you. (If your agent cannot, find a new agent.)
first of all, i’m not really sure WHAT u are asking. are u asking what’s covered under your policy? or whats excluded? the answer to either one of those is way to long to sit here and type. ask a more specific question and u might have better luck getting an answer.
also, some companies use an standard ho-3 form but then modify it to add or exclude coverages. so you’ve pretty much made it impossible to give u an answer. maybe you should tell us what loss you had that wasnt covered. because i’m guessing that’s what sparked this question.
Oh, and since policies CAN be very confusing to understand since they are not written in laymans terms, you should go through a local agent who can advise u as to what your policy does and doesnt cover and explain everything to u. hell, they can “translate” the whole thing f/ u if that’s what u want. that’s why they make commissions.
well, clearly for being a lawyer, you are not that intelligent. a HO-3 is an open-perils policy. which means that anything that is not expressly excluded is covered. also, for those that can;t understand that, there is a thing called “reasonable expectations” which means if a consumer could reasonable expect something to be covered, even if the policy says it isn’t, than the claim will be covered. of course, you might have to take it to court to get it paid for, but nonetheless, it would be paid.
I love attorneys, I work for one and sit between two of them.
Let’s see.. excluded items:
Acts of War
Flood
Earth movement (earthquake (may be covered under an endorsement))
Nuclear accidents
Animals, birds or fish (pets)
Motor vehicles
Aircraft except models or hobby aircraft
Property of roomers unless related or added through endorsement
Wear and tear
Inherent vice or latent defect
Smog, wet or dry rot
Discharge of pollutants
Settling or expansion of pavement walls or roof
Damage caused by vermin, rodents or insects
What is covered:
DP1 or Broad form coverage
Covers named perils:
Fire and lightning
Wind
Hail
Aircraft damage
Riot & Civil commotion
Vehicles
Volcanic eruption
Explosion
Smoke
Vandalism MAY be covered with an endorsement but usually is excluded if property is vacant
May include
Liability
Loss or rent/use
guest medical
DP-3 Special form Includes named coverages of DP-1 and also includes:
Vandalism
Collapse
Glass coverage
FD service charges
Trees and shrubs (for named perils)
Falling objects
Weight of Ice & Snow
Water leakage
Freezing of plumbing or explosion of steam and hot water systems
Power surge
Damage caused by burglers
May include
Liability
Loss or rent/use
guest medical
HO-3 as All Risks coverage includes above and any other UNEXPECTED EVENTS related to Owner occupied dwellings:
Comprehensive policy covers all personal owned property; dwelling AND contents
Covers personal liability both on and off premises.
Covers personal property on and off premise
Loss of use – payment if you cannot live in property
Separate structures: garages, sheds, pole buildings fences, pools, any stand alone structure on property
Covers Theft and mysterious disappearance
Damage to property of others
First aid to others
Liability
Loss or use
guest medical
I’m sure I’ve missed a few items, bells and whistles, and special endorsements added by carriers. But of course THAT will just furthur prove I’m a hack.
One other note to all the perfectionists who love to criticise Yahoo Answers contributors: Get bent. Don’t like the answers, post a better one.