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Old 01-08-2010, 08:18 AM   #1 (permalink)
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Insurance Policy -Various Question ....

1. Regarding Homeowner Policy, HO-6 Condominium unit-Owner form. Does HO-6 have same Dwelling coverage as HO-2 Basic:Home-owner broad form? Acronym of coverage W.H.A.R.V.E.S. -Windstrom, Hail, Aircraft, Riot,Volcano,Explosion,Smoke?

HO-2,HO-3,and HO-5 homeowners forms provide building coverage on a replacement cost basis if the building is insured 80% or more of its replacement cost.
2. Here is a Question What if they homeowner insures 70% of its replacement cost what happens then?

3. As the House values are not appreciating as it should then even if the insure has placed 80%, but the replacement cost is less then what the homeowner acquired then what happens?
Thanks
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Old 01-08-2010, 03:00 PM   #2 (permalink)
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Wonder if any one can assist me with insurance Question
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Old 01-08-2010, 03:38 PM   #3 (permalink)
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Call your agent. Who should be able to explain this all to you. My agent and his staff is very good on these sort of questions.
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Old 01-08-2010, 04:08 PM   #4 (permalink)
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Condo forms are a lot like renters forms, you pretty much own from the walls in, not the structure like you do on a homeowners. Most coverages are listed as open-peril, not the named perils you have, you need ot check your Dec page.

You have to insure to 80% to get replacement cost, otherwise like your 70% you get actual cash value, which is replacement cost - depreciation.
I know my company has a computer program that you put in the features of your home and it gives you a replacement cost estimation, it doesn't matter what you paid for the house.

I'm an agent in Kentucky but insurance laws do vary from state to state, so it is best to check with your agent after consulting your policies.
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Old 01-08-2010, 04:22 PM   #5 (permalink)
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Thank you for all your responses... If I may I have more general question on insurance.
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Old 01-08-2010, 08:41 PM   #6 (permalink)
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