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Form Type |
| Coverages |
HO0008 (basic) |
HO0002 (broad) |
HO0003 (special) |
NYCH07 |
| A: Dwelling Property |
$20,000 min |
$40,000 min |
$40,000 min |
$80,000 min |
| B: Other
Structures |
10% of A |
10% of A |
10% of A |
20% of A |
| C: Personal Property |
50% of A |
50% of A |
50% of A |
70% of A |
| D: Loss of Use |
10% of A |
30% of A |
30% of A |
30% of A |
| E: Personal Liability |
$100,000 per occurrence |
$100,000 per occurrence |
$100,000 per occurrence |
$100,000 per occurrence |
| F: Medical Payments to Others |
$1,000 per person |
$1,000 per person |
$1,000 per person |
$1,000 per person |
Trying to figure out for yourself what coverages you may need can be
very difficult. Choose one of our New York Central Agents and give
them a call. They can sit down with you and figure out what coverages
would best fit your needs.
Further Explanation:
Coverage A: Dwelling Property
Dwelling coverage protects your house and any structures attached
to your home, like the garage and the screened porch. Materials on your
property that are being used to expand or repair the house - - the lumber
being used to add another wing, for example, would also be covered.
Coverage B: Other Structures
Separate structures on your property - - like utility sheds, guest
houses, gazebos and pool houses - - are covered under other structures
coverage. Dwelling coverage in a homeowner's policy only protects your
house and attached structures.
Coverage C: Personal Property
This part of your homeowner's policy protects your belongings anywhere
in the world, but there are a few limitations you should know about: (1)
There are restrictions on the amount a standard homeowner's policy will
pay on some items - - jewelry or furs, for example (you can buy additional
coverage for them separately). (2) The standard reimbursement for items
that are damaged, lost, or stolen is their actual cash value - - (original
value minus depreciation). If you want to be reimbursed for what it will
cost to replace them, select the replacement cost option. (3) Although
the policy covers your possessions everywhere, it pays less for losses
incurred off your property. For example, a homeowner's policy might pay
only 10% of its usual limit for loss on an item that your child took away
to college.
Personal Property Exclusions and Limitations
There are some important exclusions and limitations on the coverage
for personal property. A homeowner's policy does not cover:
- Software or disks
- Animals, birds, or fish
- Motor vehicles
- Aircraft and aircraft parts
- Property of persons who are your tenants, unless they are related
to you
- Paper records, drawings, account books
Coverage for other personal items is also limited. It is important to
read the list of exclusions and limitations on your individual policy.
You may want to purchase additional insurance for items you own that have
only limited coverage in a homeowner's policy.
Coverage D: Loss of Use
All homeowners policies provide essentially the same coverage for
loss of use. Loss of use provides protection for such things as
additional living expenses related to maintaining the normal standard
of living of the household after a loss.
Coverage E: Personal Liability
Liability insurance covers you for money you are legally obligated
to pay because a court has found that you were responsible for damage
to another person's property. Personal liability insurance applies
separately to each insured, but total liability coverage resulting from
any one occurrence may not exceed the coverage limit stated in the policy.
Coverage F: Medical Payments to Others
Medical payments insurance is homeowner's coverage that compensates
others who sustain an injury while on your property, or whom you injure
accidentally. (Like a delivery boy who slips on a banana peel in your
kitchen, or a guest your child accidentally hits with a badly pitched
ball.) This coverage excludes the people who live in your house.
HO0008 Form (Basic)
This form covers your property based on a limited number of "basic"
perils. Those perils include:
- Fire or lightning
- Windstorm or hail
- Explosion
- Riot or civil commotion
- Aircraft
- Vehicles (not owned by insured)
- Smoke damage
- Vandalism or malicious mischief
- Theft
- Volcanic eruption
*It is important to note that special exclusions apply to certain covered perils. Check your policy or contact an agent for further explanation.
HO0002 Form (Broad)
This form covers your property based on a limited number of "basic"
perils, as the HO0008. However,
this form also includes "broad" perils not found on the HO0008
form. Those additional perils include:
- Damage from falling objects
- Damage to a building or its contents caused by weight of ice, snow,
or sleet
- Accidental discharge or overflow of water or steam from a plumbing,
heating, air conditioning system, or from a household appliance
- Sudden and accidental tearing apart, cracking, burning, or bulging
of a steam or hot water heating system, an air conditioning system or
automatic fire protection sprinkler system, or an appliance for heating
water
- Freezing
- Artificially generated electrical current
*It is important to note that special exclusions apply to certain covered perils. Check your policy or contact an agent for further explanation.
HO0003 Form (Special)
This form covers your dwelling and other structures based on any peril
not specifically excluded in the policy. This form provides a wider
variety of perils, than the HO0008 and HO0002, that your home is protected
from. However, personal property is covered under the "broad"
form perils found in the HO0002.
NYCH07 Form
This form covers your dwelling, other structures, and personal property
based on any peril not specifically excluded in the policy.
HO0004 (Renter)
A renter's policy is a homeowner's policy that has been adapted to the
needs of people who rent. It provides coverage for both your personal
property and/or personal liability, but excludes damage to the structure
itself, since that belongs to the landlord. It is also called a
tenant's policy. This form protects those that rent and need coverage
for their own personal property. Since there is no financial interest
in the actual building or other structures rented, no coverage is provided
for those items. This form protects the renter from a specified
number of perils as found on the HO0002 form.
However, the HO0004 form contains additional conditions that the HO0002 does
not contain, and each policy should be read carefully.
HO0006 (Condominium)
A condo unit owner's policy is a homeowner's policy that has been adapted
to the needs of people who own a condominium. It provides coverage
for your personal property and/or personal liability, but only provides
limited coverage for damage to the structure itself. These individuals
have a limited financial interest in the building itself, therefore a
limited amount of coverage is provided for the dwelling. This form
primarily protects the owner for a specified number of perils, as found
on the HO0002, for the personal
property of the condo owner. However, this form contains unique
conditions, and each policy should be read carefully. |
