Home insurance or home owner’s insurance its like a property insurance used for covering private homes in US. In UNITED STATES the homes we buy are the biggest single investment we will ever make. If a flood, storm, and cyclone, tornado or earth quake strikes we will not survive the financial loss. We fill our homes with more than basic necessities. A HOME INSURANCE policy that combine various personal insurance protections, it can include loss occurring from the above (additional living expenses), or losses of the other personal possessions of the home owner.
In other words homeowner’s insurance, that gives coverage for both PROPERTY and LIABILITY , with an affordable insurance premium, and it gives benefit for all risk. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of coverage B, which is coverage for the main dwelling. To the problem of taking advantage of multiple line opportunities and at the same time coming up with a saleable product, the filling letter submitted with policy represents valuable documents in any consideration of home owner’s rating.
PURPOSE OF HOME INSURANCE POLICY :
| A HOME FIRED IN FRANCE |
The basic reasons for the existence of a Homeowners policy are clearly set out in this filing under the heading "Purposes and Advantages." Recent instructions by agents and home insurance companies show that an affordable costs in selling and handling the insurance contracts are of such size that affordable insurance policies are written at a loss both to agent and home insurance company. This means that the more modest property owner loses, too, because if there is not profit to agent and to home insurance company, there is no in- centive to reach the uninsured and under-insured property owner.
Home Insurance in UNITED STATES:
| A TORNADO AFFECTED HOME IN CALIFORNIA, |
Home insurance in United States may different from other countries for example: in UK subsidence and subsequent foundation failure is usually covered under and insurance policy. But in United States insurance companies used to offer foundation insurance, which was not affected the lender to be able to foreclose and recover the full amount of the loan.
UNITED STATES home insurance also called as HAZARD INSURANCE AND HOME OWNERS INSURANCE (HOI). In UNITEDSTAES most of the home buyers borrow money in the form of a CREDIT LOAN, and the finance loan lender always requires that the buyer purchase home owner’s insurance as a condition of the loan, to protect the bank if the home was affected by both natural as well as manmade, in which an insurance company along with premium also pays for certain types of losses or damage. BEFORE 1950 A UNITED STATES HOME INSURANCE POLICY HOLDER was used to take separate hazard policy in US for theft, hail etc. But after 1950 a change was made in US home insurance policies, according to which, homeowner buy one policy covering all the insurance they needed. These insurance policies used to differ with companies and there was no standardization in these policies.
ADVANTAGE OF INSURANCE POLICY:
1. It overcomes cost problems presently facing agent and company.
2. It provides broader and more convenient coverage through packaging.
3. It makes possible significant savings which can be passed on to THE policyholder.
These advantages become available when the policy is simplified and standardized as a fixed package which permits unit processing. It is believed that the coverage combination here the objective and will meet with wide acceptance. This can be proved, however, only through actual experience and it may be desirable to modify the package somewhat after testing.
TYPE OF HOME INSURANCE POLICES:
HO-1 TYPE HOME OWNERS INSURANCE:
This type of United states home insurance covers your dwelling and personal property against damages or losses including fire and lightening, theft, and windstorm.
HO-2 TYPE HOME OWNERS INSURANCE PLUS:
It includes the HO-1 type home owner’s insurance and addition of damage such as electrical surge, falling objects, weight of ice snow , and three categories of water related damages.
HO-3 TYPE SPECIAL HOME OWNERS INSURANCE:
the most commonly purchased home insurance in UNITED STATES is HO-3 type. In UNITED STATES 17 states perils included in this categories of HO-2. And addition this type of policy provides extensive coverage of your home like the structure and the content inside your house. This cover large area of your home owner’s insurance.
HO-4 RENTERS INSURANCE:
HO-4 is commonly known as tenants or renter’s insurance policy or coverage. This insurance policy in United States provides relive against lighting, explosion, destruction, theft volcanic eruption.
HO-5 INSURANCE:
Under this UNITED STATES home insurance policy house is not an apartment or condo is covered. Quite similar to HO-3 but has wider coverage. This policy cover larger area of damages or losses with wider boundaries that owners and its properties as well is liability that might arise from outer side.
POPULAR HOME INSURANCE COMPANIES IN US:
1. All state insurance company , USA
2. Aon corporation ,USA
3. Marsh insurance company, USA
4. Gesico insurance company, USA
5. Met life insurance company ,USA
6. Renters insurance company , USA
7. Met life insurance company , USA
All Insurance companies in UNITED STATES give free online insurance quite about their HO-1 to HO-6 policies and these Insurance companies having more than fifty thousand workers to help and free insurance quite about for the united state people .
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