What are the basic differences between ho3 and ho8? What is the protection available under Ho8 policy?
Total Comments: 12
Posted: Sat Aug 30, 2008 10:24 am Post Subject: HO3 vs HO8
HO3 is the most popular form of homeowners policy written for insuring the homes. HO3 policy covers most of the perils that may damage your dwelling.
HO8 is specially designed to protect the heritage and old dwellings. It offers protection against perils like- theft, riots, volcanic eruption and so forth. Normally, you can receive the actual cash value for your damages, ie. it'll replace the damaged property after deducting the depreciation costs. The ho3 vs ho8 debate would remain, but it's important to understand the different factors that support each of these.
Thanks,
Rupert
Posted: Sat Aug 30, 2008 11:15 pm Post Subject: HO3 vs HO8
HO-1: Limited coverage policy
This “bare bones” policy covers you against the first 10 disasters. It's no longer available in most states.
HO-2: Basic policy
A basic policy provides protection against all 16 disasters. There is a version of HO-2 designed for mobile homes.
HO-3: The most popular policy
This “special” policy protects your home from all perils except those specifically excluded.
More at CondoAssociation.com
Posted: Fri Jun 12, 2009 10:30 pm Post Subject: ho8 vs ho3
Is an HO3 policy a replacement policy?
Posted: Wed Jul 08, 2009 10:44 am Post Subject: HO3 vs HO8
Well Case, leaving the ho8 vs ho3 debate aside, you normally have a choice with the HO3 policy. You can either opt for actual cash value coverage, which would cost you less than the replacement cost coverage. But HO8 normally offers actual cash value coverage only, i.e. if your ancestral home gets damaged the insurer would deduct the depreciation value of the property from the claim amount and would pay the remaining.
Posted: Tue Aug 18, 2009 06:37 pm Post Subject:
does ho 3 have replacement coverage and water coverage
Posted: Thu Dec 02, 2010 12:05 pm Post Subject: Replacement cost
Can you get replacement cost loss settlement in the HO-8?
Posted: Tue Dec 07, 2010 06:13 pm Post Subject:
HO-8 is a stated value/agreed value property form for dwellings that are too old or have special value that cannot easily be calculated in terms of replacement cost. They may be of historic importance (greater value than pure replacement cost) or so old or in such condition that the actual value is far less than replacement cost based on square footage.
Posted: Wed Nov 13, 2013 06:31 pm Post Subject: home insurance
The 2014 assessed value (which is determined by market value in our area) of our home built in 1919 is $47,200. The replacement cost is $260,000. We are retired (on limited income) and do not have a mortgage on the property. What type of insurance would you recommend we look at. Thank you.
Posted: Fri Nov 15, 2013 05:08 am Post Subject:
Are you concerned about losing your home to fire, tornadoes, explosion, or any of a dozen or so other causes? Are you concerned about losing all your furniture, clothing, and other personal property?
If you are, then you need a homeowner's policy (HO8) if your home is a "collector's item".or would otherwise be difficult to replace as-is. You must insure for at least 80% of the replacement cost -- $208,000 if your estimate is correct. But I would recommend at least $240,000 (or more), in case your $260,000 is off by 15% ($300,000).
If not, then look at an annuity to provide you with lifetime income instead. You may need it to help pay rent after your home burns down without insurance to rebuild it.
Talk with a local agent or broker.
Posted: Wed Jan 29, 2014 02:57 pm Post Subject:
I would not recommend anyone purchase an HO-8 policy if the HO-3 is available. The HO-8 is going to actual cash value for not replacement cost. In our state (FL) these policies also carry limited water damage that is capped off at 10,000. Many of the carriers HO-8 policies are stripped down and may only provide actual cash value on your personal items as well. Meaning if you bought a 50 inch TV for 1200 dollars and it is stolen 3 years later you may only receive 300 dollars for your TV. In some cases an owner occupied DP-3 policy will provide better coverage then an HO-8.
Posted: Sat Aug 30, 2008 10:24 am Post Subject: HO3 vs HO8
HO3 is the most popular form of homeowners policy written for insuring the homes. HO3 policy covers most of the perils that may damage your dwelling.
HO8 is specially designed to protect the heritage and old dwellings. It offers protection against perils like- theft, riots, volcanic eruption and so forth. Normally, you can receive the actual cash value for your damages, ie. it'll replace the damaged property after deducting the depreciation costs. The ho3 vs ho8 debate would remain, but it's important to understand the different factors that support each of these.
Thanks,
Rupert
Posted: Sat Aug 30, 2008 11:15 pm Post Subject: HO3 vs HO8
HO-1: Limited coverage policy
This “bare bones” policy covers you against the first 10 disasters. It's no longer available in most states.
HO-2: Basic policy
A basic policy provides protection against all 16 disasters. There is a version of HO-2 designed for mobile homes.
HO-3: The most popular policy
This “special” policy protects your home from all perils except those specifically excluded.
More at CondoAssociation.com
Posted: Fri Jun 12, 2009 10:30 pm Post Subject: ho8 vs ho3
Is an HO3 policy a replacement policy?
Posted: Wed Jul 08, 2009 10:44 am Post Subject: HO3 vs HO8
Well Case, leaving the ho8 vs ho3 debate aside, you normally have a choice with the HO3 policy. You can either opt for actual cash value coverage, which would cost you less than the replacement cost coverage. But HO8 normally offers actual cash value coverage only, i.e. if your ancestral home gets damaged the insurer would deduct the depreciation value of the property from the claim amount and would pay the remaining.
Posted: Tue Aug 18, 2009 06:37 pm Post Subject:
does ho 3 have replacement coverage and water coverage
Posted: Thu Dec 02, 2010 12:05 pm Post Subject: Replacement cost
Can you get replacement cost loss settlement in the HO-8?
Posted: Tue Dec 07, 2010 06:13 pm Post Subject:
HO-8 is a stated value/agreed value property form for dwellings that are too old or have special value that cannot easily be calculated in terms of replacement cost. They may be of historic importance (greater value than pure replacement cost) or so old or in such condition that the actual value is far less than replacement cost based on square footage.
Posted: Wed Nov 13, 2013 06:31 pm Post Subject: home insurance
The 2014 assessed value (which is determined by market value in our area) of our home built in 1919 is $47,200. The replacement cost is $260,000. We are retired (on limited income) and do not have a mortgage on the property. What type of insurance would you recommend we look at. Thank you.
Posted: Fri Nov 15, 2013 05:08 am Post Subject:
Are you concerned about losing your home to fire, tornadoes, explosion, or any of a dozen or so other causes? Are you concerned about losing all your furniture, clothing, and other personal property?
If you are, then you need a homeowner's policy (HO8) if your home is a "collector's item".or would otherwise be difficult to replace as-is. You must insure for at least 80% of the replacement cost -- $208,000 if your estimate is correct. But I would recommend at least $240,000 (or more), in case your $260,000 is off by 15% ($300,000).
If not, then look at an annuity to provide you with lifetime income instead. You may need it to help pay rent after your home burns down without insurance to rebuild it.
Talk with a local agent or broker.
Posted: Wed Jan 29, 2014 02:57 pm Post Subject:
I would not recommend anyone purchase an HO-8 policy if the HO-3 is available. The HO-8 is going to actual cash value for not replacement cost. In our state (FL) these policies also carry limited water damage that is capped off at 10,000. Many of the carriers HO-8 policies are stripped down and may only provide actual cash value on your personal items as well. Meaning if you bought a 50 inch TV for 1200 dollars and it is stolen 3 years later you may only receive 300 dollars for your TV. In some cases an owner occupied DP-3 policy will provide better coverage then an HO-8.
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