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Homeowners’ Insurance – HO-8

This is a summary explanation of the HO-8 policy. It is not a complete list or description of coverages or policy language and should not be considered as such. The policy booklet and endorsements that accompany your declarations page should be referred to for coverage questions, limits and clarification.

The HO8 Home Insurance Policy is one of the most basic insurance policies available to homeowners. The HO8 home insurance policy only protects the home and contents from some of the most common perils that occur.

The HO8 Home Insurance Policy is a Named Perils Policy

The HO8 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 HO8 home insurance policy. Your chosen deductible is applied to each and every claim that is submitted.

Perils Insured Against with the HO8 Home Insurance Policy

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 (limit of liability on HO8 is usually $1,000)
• Volcanic Eruption

Each of these perils should be reviewed to determine limits, exclusions etc.

HO8 Home Insurance Insures at Market Value

The HO8 home insurance policy is normally used to insure older homes that would be extremely difficult to replace if destroyed. As a result, the HO8 policy normally insures your home at Actual Cash Value. Actual Cash Value is defined as replacement value less depreciation.

Examples of Some Important Perils That Would Not Be Covered

Although the HO8 home insurance policy will protect you from the most common perils, there are a few common perils that have no coverage in an HO8 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 HO8 home insurance policy.

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.