• filter:

Homeowners insurance policy document -- inscrutable, frustrating, annoying

  • Page :
  • 1
  • Text Only
  • Search this Topic »
Voting History
rated:
I just bought a homeowners policy through Geico (which is actually underwritten/issued by "Arrowhead insurance').  The policy is cheaper by 25% relative to any of the other quotes I've received.  It's an "H03" policy.  My sense is that something must be lacking since it's so much cheaper than the other quotes.  

I tried to read through this policy, and while I understand the basics, some of it seems to be written in hieroglyphics.  

My question:  Are all H03 policies essentially the same (with the exception of limits)?  What should I be looking out for in these policies?

Thanks everyone.  Happy homeowning.

Member Summary
Staff Summary
Thanks for visiting FatWallet.com. Join for free to remove this ad.

rated:
phisher4 said:   I just bought a homeowners policy through Geico (which is actually underwritten/issued by "Arrowhead insurance').  The policy is cheaper by 25% relative to any of the other quotes I've received.  It's an "H03" policy.  My sense is that something must be lacking since it's so much cheaper than the other quotes.  

I tried to read through this policy, and while I understand the basics, some of it seems to be written in hieroglyphics.  

My question:  Are all H03 policies essentially the same (with the exception of limits)?  What should I be looking out for in these policies?

Thanks everyone.  Happy homeowning.

Things to look out for:

  • Replacement cost riders on the dwelling, structure and personal property.
  • Limitations for named storms, landslides, sinkholes, sewage backups, mold and earthquakes -- this can be higher deductibles, cover limits or no coverage at all.

ETA Added mold based upon the response below.

rated:
Yes - HO3 policies are supposed to be standardized. When I sold real estate, HO2 was what the mortgage companies required. After a couple of floods, HO3 became highly recommended for homes not in a recognized flood plain. One of the big selling points for many people is HO3 covers water in the basement. I am sure there are other features of HO3 over HO2 as well. There is an HO1 which is not recommended.

http://www.iii.org/article/are-there-different-types-policies

rated:
What are the deductibles and coverage?

rated:
The answer is "sort of". The HO 3 policy is a standardized homeowner's policy created by a company called ISO. Smaller companies tend to use the ISO policy form verbatim. Larger companies tend to make it their own with customization, usually by adding bells & whistles. To make it more confusing, many states have mandatory endorsements that must be attached. And many companies attach a variety of other endorsements. So ultimately the policies across companies and states will be very similar but not exactly the same. Things like mold coverage and sewer back up coverage are examples of some of the more common differences you will find.

rated:
speedracer714 said:   What are the deductibles and coverage?
  $1000 deductible, "extended replacement cost of 25%," actual cash value are the buzzwords.

But it spans 80 pages and reads like Greek.  So many exclusions...

  • Quick Reply:  Have something quick to contribute? Just reply below and you're done! hide Quick Reply
     
    Click here for full-featured reply.


Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.

Thanks for visiting FatWallet.com. Join for free to remove this ad.

While FatWallet makes every effort to post correct information, offers are subject to change without notice.
Some exclusions may apply based upon merchant policies.
© 1999-2017