Archive:Home insurance - Revision history

wikademia>Wikademia: moved Home insurance to Archive:Home insurance

2009-06-08T17:21:32Z

moved Home insurance to Archive:Home insurance

← Older revision	Revision as of 17:21, 8 June 2009
(No difference)

wikademia>Wikademia at 22:20, 4 May 2009

2009-05-04T22:20:54Z

← Older revision		Revision as of 22:20, 4 May 2009
Line 42:		Line 42:
	==References==		==References==
	<div class="references-small"><references /></div>		<div class="references-small"><references /></div>

	{{cite news \|first=Joseph \|last= 2. Connelly \|authorlink= \|coauthors= \|title= Homeowner's Insurance & the Claims Process - Radio Interview March 3, 2008\|url=http://www.lisamacci.com/thejusticehour/archives.html\|work=WPBR - The Justice Hour with Lisa Macci \|publisher= \|date= March 3, 2008\|accessdate=2008-06-27 }}

	[[Category:Types of insurance]]		[[Category:Types of insurance]]
	[[Category:Public adjusters]]		[[Category:Public adjusters]]
	{{ntnes}}		{{ntnes}}

wikademia>Wikademia at 18:16, 24 April 2009

2009-04-24T18:16:15Z

← Older revision		Revision as of 18:16, 24 April 2009
Line 1:		Line 1:
	~~{{Expert-portal\|Finance\|date=November 2008}}~~
	'''Home insurance''', also commonly called '''hazard insurance''' or '''homeowners insurance''' (often abbreviated in the real estate industry as '''HOI'''), is the type of [[property insurance]] that covers private homes. It is an [[insurance]] policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as [[liability]] insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age. It is a multiple line insurance, meaning that it includes both [[property insurance\|property]] and [[liability insurance\|liability]] coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling.<ref>Nance CP. (2003). Modern Real Estate Practice in Texas [http://books.google.com/books?id=wIVGVwTGZBMC&printsec=frontcover#PRA1-PA39,M1 p. 39].</ref>		'''Home insurance''', also commonly called '''hazard insurance''' or '''homeowners insurance''' (often abbreviated in the real estate industry as '''HOI'''), is the type of [[property insurance]] that covers private homes. It is an [[insurance]] policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as [[liability]] insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age. It is a multiple line insurance, meaning that it includes both [[property insurance\|property]] and [[liability insurance\|liability]] coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling.<ref>Nance CP. (2003). Modern Real Estate Practice in Texas [http://books.google.com/books?id=wIVGVwTGZBMC&printsec=frontcover#PRA1-PA39,M1 p. 39].</ref>

Line 48:		Line 47:
	[[Category:Types of insurance]]		[[Category:Types of insurance]]
	[[Category:Public adjusters]]		[[Category:Public adjusters]]
			{{ntnes}}
	~~[[de:Wohngebäudeversicherung]]~~
	~~[[es:Seguro multirriesgo del hogar]]~~
	~~[[nl:Opstalverzekering (Nederland)]]~~
	~~[[ja:火災保険]]~~

wikademia>Wikademia: 9 revisions

2009-04-04T05:55:41Z

9 revisions

← Older revision	Revision as of 05:55, 4 April 2009
(No difference)

wikademia>Otisjimmy1: Correcting spelling: ect->etc

2009-03-23T19:16:42Z

Correcting spelling: ect->etc

← Older revision		Revision as of 19:16, 23 March 2009
Line 30:		Line 30:
	;Coverage B - Other Structures: Covers other structure around the property which are not used for business, except as a private garage. Typically limited at 10% of the Coverage A.		;Coverage B - Other Structures: Covers other structure around the property which are not used for business, except as a private garage. Typically limited at 10% of the Coverage A.

	;Coverage C - Personal Property: Covers personal property, with limits for the theft and loss of particular classes of items (eg, $200 for money, banknotes, bullion, coins, medals, ~~ect~~). Typically 50 to 70% of coverage A is required for contents, which means that consumers may pay for much more insurance than necessary. This has led to some calls for more choice.<ref>Rebecca Mowbray. (March 22, 2009). [http://nola.live.advance.net/business/t-p/index.ssf?/base/money-1/1237699828261420.xml&coll=1 Contents coverage reforms urged]. ''The Times-Picayune''.</ref>		;Coverage C - Personal Property: Covers personal property, with limits for the theft and loss of particular classes of items (eg, $200 for money, banknotes, bullion, coins, medals, etc). Typically 50 to 70% of coverage A is required for contents, which means that consumers may pay for much more insurance than necessary. This has led to some calls for more choice.<ref>Rebecca Mowbray. (March 22, 2009). [http://nola.live.advance.net/business/t-p/index.ssf?/base/money-1/1237699828261420.xml&coll=1 Contents coverage reforms urged]. ''The Times-Picayune''.</ref>

	;Coverage D - Loss of Use/Additional Living Expenses: Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented.		;Coverage D - Loss of Use/Additional Living Expenses: Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented.

wikademia>ImperfectlyInformed: /* Section I - Property Coverages */ add ref on amount of coverage C required; note controversy

2009-03-23T19:15:49Z

Section I - Property Coverages: add ref on amount of coverage C required; note controversy

← Older revision		Revision as of 19:15, 23 March 2009
Line 30:		Line 30:
	;Coverage B - Other Structures: Covers other structure around the property which are not used for business, except as a private garage. Typically limited at 10% of the Coverage A.		;Coverage B - Other Structures: Covers other structure around the property which are not used for business, except as a private garage. Typically limited at 10% of the Coverage A.

	;Coverage C - Personal Property: Covers personal property, with limits for the theft and loss of particular classes of items (eg, $200 for money, banknotes, bullion, coins, medals, ect).		;Coverage C - Personal Property: Covers personal property, with limits for the theft and loss of particular classes of items (eg, $200 for money, banknotes, bullion, coins, medals, ect). Typically 50 to 70% of coverage A is required for contents, which means that consumers may pay for much more insurance than necessary. This has led to some calls for more choice.<ref>Rebecca Mowbray. (March 22, 2009). [http://nola.live.advance.net/business/t-p/index.ssf?/base/money-1/1237699828261420.xml&coll=1 Contents coverage reforms urged]. ''The Times-Picayune''.</ref>

	;Coverage D - Loss of Use/Additional Living Expenses: Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented.		;Coverage D - Loss of Use/Additional Living Expenses: Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented.

wikademia>Rock8591: /* Section I - Property Coverages */

2009-03-07T01:58:05Z

Section I - Property Coverages

← Older revision		Revision as of 01:58, 7 March 2009
Line 32:		Line 32:
	;Coverage C - Personal Property: Covers personal property, with limits for the theft and loss of particular classes of items (eg, $200 for money, banknotes, bullion, coins, medals, ect).		;Coverage C - Personal Property: Covers personal property, with limits for the theft and loss of particular classes of items (eg, $200 for money, banknotes, bullion, coins, medals, ect).

	;Coverage D - Loss of Use: Covers expenses associated with additional living ~~expense~~ (ie rental expenses) and fair rental value, if part of the residence was rented.		;Coverage D - Loss of Use/Additional Living Expenses: Covers expenses associated with additional living expenses (i.e. rental expenses) and fair rental value, if part of the residence was rented.

	;Additional Coverages: Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire department changes, removal of property, credit card / identity theft charges, loss assessment, collapse, landlord's furnishing, and some building additions. These vary depending upon the form.		;Additional Coverages: Covers a variety of expenses such as debris removal, reasonable repairs, damage to trees and shrubs for certain named perils (excluding the most common causes of damage, wind and ice), fire department changes, removal of property, credit card / identity theft charges, loss assessment, collapse, landlord's furnishing, and some building additions. These vary depending upon the form.

wikademia>Rock8591 at 04:47, 20 February 2009

2009-02-20T04:47:24Z

← Older revision		Revision as of 04:47, 20 February 2009
Line 1:		Line 1:
	{{Expert-portal\|Finance\|date=November 2008}}		{{Expert-portal\|Finance\|date=November 2008}}
	'''Home insurance''', also commonly called '''hazard insurance''' or '''homeowners insurance''' (often abbreviated in the real estate industry as '''HOI'''), is the type of [[property insurance]] that covers private homes. It is an [[insurance]] policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as [[liability]] insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as non-occupancy or age. It is a multiple line insurance, meaning that it includes both [[property insurance\|property]] and [[liability insurance\|liability]] coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling.<ref>Nance CP. (2003). Modern Real Estate Practice in Texas [http://books.google.com/books?id=wIVGVwTGZBMC&printsec=frontcover#PRA1-PA39,M1 p. 39].</ref>		'''Home insurance''', also commonly called '''hazard insurance''' or '''homeowners insurance''' (often abbreviated in the real estate industry as '''HOI'''), is the type of [[property insurance]] that covers private homes. It is an [[insurance]] policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as [[liability]] insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as vacancy/non-occupancy, seasonal/secondary residence, or age. It is a multiple line insurance, meaning that it includes both [[property insurance\|property]] and [[liability insurance\|liability]] coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling.<ref>Nance CP. (2003). Modern Real Estate Practice in Texas [http://books.google.com/books?id=wIVGVwTGZBMC&printsec=frontcover#PRA1-PA39,M1 p. 39].</ref>

	The cost of homeowners insurance often depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to [[earthquakes]], [[floods]], "[[Act of God\|Acts of God]]", or war (whose definition typically includes a [[Nuclear exclusion clause\|nuclear explosion]] from any source) are excluded. Special insurance can be purchased for these possibilities, including [[flood insurance]] and [[earthquake insurance]]. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium. Fire insurance will require a special premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify.		The cost of homeowners insurance often depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to [[earthquakes]], [[floods]], "[[Act of God\|Acts of God]]", or war (whose definition typically includes a [[Nuclear exclusion clause\|nuclear explosion]] from any source) are excluded. Special insurance can be purchased for these possibilities, including [[flood insurance]] and [[earthquake insurance]]. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium. Fire insurance will require a special premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify.

wikademia>ImperfectlyInformed: adding information on what types of policies are common based on a 1998 NAIC reference

2009-02-18T01:21:57Z

adding information on what types of policies are common based on a 1998 NAIC reference

@@ Line 1: / Line 1: @@
 {{Expert-portal|Finance|date=November 2008}}
-'''Home insurance''', also commonly called '''hazard insurance''' or '''homeowners insurance''' (often abbreviated in the real estate industry as '''HOI'''), is the type of [[property insurance]] that covers private homes. It is an [[insurance]] policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as [[liability]] insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as non-occupancy or age. It is a multiple line insurance, meaning that it includes both [[property insurance|property]] and [[casualty insurance|casualty]] coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling.<ref>Nance CP. (2003). Modern Real Estate Practice in Texas [http://books.google.com/books?id=wIVGVwTGZBMC&printsec=frontcover#PRA1-PA39,M1 p. 39].</ref>
+'''Home insurance''', also commonly called '''hazard insurance''' or '''homeowners insurance''' (often abbreviated in the real estate industry as '''HOI'''), is the type of [[property insurance]] that covers private homes. It is an [[insurance]] policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as [[liability]] insurance for accidents that may happen at the home. It requires that at least one of the named insured occupies the home. The dwelling policy (DP) is similar, but used for residences which don't qualify for various reasons, such as non-occupancy or age. It is a multiple line insurance, meaning that it includes both [[property insurance|property]] and [[liability insurance|liability]] coverage, with an indivisible premium, meaning that a single premium is paid for all risks. Standard forms divide coverage into several categories, and the coverage provided is typically a percentage of Coverage A, which is coverage for the main dwelling.<ref>Nance CP. (2003). Modern Real Estate Practice in Texas [http://books.google.com/books?id=wIVGVwTGZBMC&printsec=frontcover#PRA1-PA39,M1 p. 39].</ref>
 The cost of homeowners insurance often depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to [[earthquakes]], [[floods]], "[[Act of God|Acts of God]]", or war (whose definition typically includes a [[Nuclear exclusion clause|nuclear explosion]] from any source) are excluded. Special insurance can be purchased for these possibilities, including [[flood insurance]] and [[earthquake insurance]]. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium.  Fire insurance will require a special premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify.
@@ Line 12: / Line 12: @@
 == Types of Homeowners Insurance ==
 ===United States===
-As described in Wiening et al.<ref>{{note label|PI|2002: 5.3–5.4|none}}{{cite book
+Prior to the 1950s, there were separate policies for the various perils that could affect a home. A homeowner would have had to purchase separate policies covering fire losses, theft, personal property, and the like. During the 1950s, policy forms were developed, allowing the homeowner to purchase all the insurance they needed on one complete policy. However, these policies varied by insurance company, and were difficult to comprehend.<ref>{{note label|PI|2002: 5.3–5.4|none}}{{cite book | last = Wiening | first = Eric | authorlink = | coauthors = George Rejda, Constance Luthardt, Cheryl Ferguson | editor = | others = | title = '''Personal Insurance'''| origdate = | origyear = | origmonth = | url = | format = | accessdate = | accessyear =  | accessmonth =  | edition = 1st edition | date = | year = 2002 | month = | publisher = American Institute for Chartered Property Casualty Underwriters/Insurance Institute of America | location = [[Malvern, Pennsylvania]] | language =  | isbn = 0-89463-108-X | pages =  | chapter =  | chapterurl = }}</ref>
-;HO-1:A limited policy that offers varying degrees of coverage but only for items specifically outlined in the policy. These might be used to cover a valuable object found in the home, such as a painting.
+The need for standardization grew so great that a private company based in [[Jersey City]], [[New Jersey]], [[Insurance Services Office]], also known as the [http://www.iso.com/ ISO], was formed in 1971 to provide risk information and issued a simplified homeowners policy for resell to insurance companies. These policies have been amended over the years until currently, the ISO has seven standardized homeowners insurance forms in general use. According a 1998 NAIC report, 83% of homes were covered by owner-occupied homeowners policies. Of these, 87% had the HO-3 Special and 9% had the more expensive HO-5 Comprehensive. Both of these policies are "all risks" or "open perils", meaning that they cover all perils except those specifically excluded. 3% were the HO-2 Broad, which covers only specific named perils. Others include the HO-1 Basic and the HO-8 Modified, which is the most limited in its coverage. HO-8, also known as older home insurance, is likely to pay only actual cash value for damages rather than replacement.<ref name=HomeReport1998>NAIC Staff. 1998 Home Insurance Average Premium. ''Research Quarterly'' '''7'''(2):17. [http://www.naic.org/documents/research_RQ_2001_summer.pdf Free full-text].</ref>
-In addition, a '''Dwelling Fire''' policy is generally available for non-commercial owners of rented houses, which covers property damage to the structure, and sometimes to the owner's personal property (such as appliances and furnishings).  The owner's liability is generally extended from their own primary home insurance, and does not comprise part of the Dwelling Fire policy.  It is a counterpart to the HO-4 '''renter's''' policy.
+The remaining 13% of home insurance policies were covered by renter's or condominium insurance. Two-thirds of these had the HO-4 Contents Broad form, also known as renters insurance, which covers the contents of an apartment not specifically covered in the [[blanket policy]] written for the complex. This policy can also cover liabilities arising from accidents and intentional injuries for guests as well as passers-by up to 150' of the domicile.  Common coverage areas are events such as lightning, riot, aircraft, explosion, vandalism, smoke, theft, windstorm or hail, falling objects, volcanic eruption, snow, sleet, and weight of ice.  The remainder had the HO-6 Unit-Owners policy, also known as a condominium insurance, which is designed for the owners of condos and includes coverage for the part of the building owned by the insured and for the property housed therein. Designed to span the gap between the coverage provided by the blanket policy written for the entire neighborhood or building and the personal property inside the home. The liability coverage may cover incidents up to 150' from the insured property, all valuables within the home from theft, fire or water damage or other forms of loss. The Associations Bylaws determine the total amount of insurance necessary.
 ==== Coverages ====

12.38.46.250 at 02:19, 13 February 2009

2009-02-13T02:19:38Z

← Older revision		Revision as of 02:19, 13 February 2009
Line 4:		Line 4:
	The cost of homeowners insurance often depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to [[earthquakes]], [[floods]], "[[Act of God\|Acts of God]]", or war (whose definition typically includes a [[Nuclear exclusion clause\|nuclear explosion]] from any source) are excluded. Special insurance can be purchased for these possibilities, including [[flood insurance]] and [[earthquake insurance]]. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium. Fire insurance will require a special premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify.		The cost of homeowners insurance often depends on what it would cost to replace the house and which additional riders—additional items to be insured—are attached to the policy. The insurance policy itself is a lengthy contract, and names what will and what will not be paid in the case of various events. Typically, claims due to [[earthquakes]], [[floods]], "[[Act of God\|Acts of God]]", or war (whose definition typically includes a [[Nuclear exclusion clause\|nuclear explosion]] from any source) are excluded. Special insurance can be purchased for these possibilities, including [[flood insurance]] and [[earthquake insurance]]. Insurance must be updated to the present and existing value at whatever inflation up or down, and an appraisal paid by the insurance company will be added on to the policy premium. Fire insurance will require a special premium charge, plus the addition of smoke detectors and on site fire suppression systems to qualify.

	The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a [[fire apparatus\|fire station]], if the house is equipped with fire sprinklers and fire alarms~~, or if the house was built with solid brick~~. [[Perpetual Insurance\|Perpetual insurance]], which is a type of home insurance without a fixed term, can also be obtained in certain areas.		The home insurance policy is usually a term contract—a contract that is in effect for a fixed period of time. The payment the insured makes to the insurer is called the premium. The insured must pay the insurer the premium each term. Most insurers charge a lower premium if it appears less likely the home will be damaged or destroyed: for example, if the house is situated next to a [[fire apparatus\|fire station]], if the house is equipped with fire sprinklers and fire alarms. [[Perpetual Insurance\|Perpetual insurance]], which is a type of home insurance without a fixed term, can also be obtained in certain areas.

	In the [[United States]], most home buyers borrow money in the form of a [[mortgage loan]], and the mortgage lender always requires that the buyer purchase homeowners insurance as a condition of the loan, in order to protect the bank if the home were to be destroyed. Anyone with an insurable interest in the property should be listed on the policy. In some cases the mortgagee will waive the need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of the mortgage balance. In a case like this even the total destruction of any buildings would not affect the ability of the lender to be able to foreclose and recover the full amount of the loan.		In the [[United States]], most home buyers borrow money in the form of a [[mortgage loan]], and the mortgage lender always requires that the buyer purchase homeowners insurance as a condition of the loan, in order to protect the bank if the home were to be destroyed. Anyone with an insurable interest in the property should be listed on the policy. In some cases the mortgagee will waive the need for the mortgagor to carry homeowner's insurance if the value of the land exceeds the amount of the mortgage balance. In a case like this even the total destruction of any buildings would not affect the ability of the lender to be able to foreclose and recover the full amount of the loan.