{"id":332,"date":"2019-10-23T16:57:46","date_gmt":"2019-10-23T16:57:46","guid":{"rendered":"http:\/\/www.insurance-education-group.com\/insuranceeducationgroup\/?page_id=332"},"modified":"2020-02-17T21:15:27","modified_gmt":"2020-02-17T21:15:27","slug":"hoa-home-insurance-policy","status":"publish","type":"page","link":"https:\/\/www.insurance-education-group.com\/hoa-home-insurance-policy\/","title":{"rendered":"HOA Home Insurance Policy"},"content":{"rendered":"
[vc_row][vc_column][vc_custom_heading text=”HOA Home Insurance Policy” use_theme_fonts=”yes”][vc_column_text]The HOA Home Insurance Policy is the most basic insurance policy available to homeowners. Most homeowners that purchase HOA insurance are insuring for catastrophic losses only. The HO1 home insurance policy only protects the home and contents for the most common pe<\/a>rils<\/a> that occur.[\/vc_column_text][vc_custom_heading text=”HOA Insurance Policies Cover Named Perils” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]\n
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The HOA 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 HOA home insurance policy.<\/div>\n<\/div>\n[\/vc_column_text][vc_custom_heading text=”HOA Insurance Named Perils List” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]The 10 perils the H0A Home Insurance Policy will protect your home and belongings from are:[\/vc_column_text][vc_row_inner][vc_column_inner width=”1\/3″]
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Fire or Lightning<\/h5>\n<\/p><\/div><\/div><\/div>
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Riot or Civil Commotion<\/h5>\n<\/p><\/div><\/div><\/div>
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Smoke<\/h5>\n<\/p><\/div><\/div><\/div>
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Volcanic Eruption<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][vc_column_inner width=”1\/3″]
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Windstorm or Hail<\/h5>\n<\/p><\/div><\/div><\/div>
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Aircraft<\/h5>\n<\/p><\/div><\/div><\/div>
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Vandalism<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][vc_column_inner width=”1\/3″]
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Explosion<\/h5>\n<\/p><\/div><\/div><\/div>
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Vehicles<\/h5>\n<\/p><\/div><\/div><\/div>
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Theft<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][\/vc_row_inner][vc_column_text]Vehicle damage is typically only included if it’s not done by the insured, and theft is usually limited to just $1,000 in a standard HO1.<\/p>\n

Other than that, if a peril from the list above damages your home or your stuff, the HO1 insurance policy should cover it after your deductible.[\/vc_column_text][vc_custom_heading text=”HOA Insurance is Actual Cash Value” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]The HOA home insurance policy is a very basic policy. Unless endorsed by an agent, the HOA is an Actual Cash Value policy. This means the likelihood is very high that your insurance company will not cover all the costs in the event of a loss, because actual cash value policies depreciate the value of materials in a claim.<\/p>\n

HOA home insurance policies can be endorsed to include replacement cost coverage, but it’s important to make sure you have the coverage that is right for you.[\/vc_column_text][vc_custom_heading text=”Perils Not Covered with the HOA” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]Although the HOA home insurance policy will protect you from the most common perils, there are a few common perils that are not included in the HOA policy. The most costly and most common perils not covered are:<\/p>\n

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  1. Water Damage<\/em> – no water damage of any any kind is typically included in a basic HOA home insurance policy. Water coverage may be endorsed onto the policy for additional premium.<\/li>\n
  2. Falling Objects<\/em> – 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 perils listed above.<\/li>\n<\/ol>\n[\/vc_column_text][vc_custom_heading text=”Home Policy Comparison – Baseline H0A” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]Where does the HOA policy stand compared to other policies? It’s at the bottom. Here is a quick look at other home insurance policies and how they stack up to the H0A:<\/p>\n

    Less Coverage: <\/strong>None<\/p>\n

    Roughly Equivalent Coverage:<\/strong> HO8,<\/a> HO1<\/a><\/p>\n

    More Coverage:<\/strong> HOA+,<\/a> HO2,<\/a> HO3,<\/a> HO5,<\/a> HOB,<\/a> HOC<\/a>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]\n\t\t\t

    <\/p>\n\t\t\t\n\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\"\"\nKeeping Up With Insurance is Time Consuming \n\t\t\t\t\t\t\t<\/rs-layer>Don't Worry, We've Got You Covered \n\t\t\t\t\t\t\t<\/rs-layer>Quote Concierge <\/i> \n\t\t\t\t\t\t\t<\/a>\t\t\t\t\t<\/rs-slide>\n\t\t\t\t\t<\/rs-slides>\n\t\t\t\t\t<\/rs-static-layers>\n\t\t\t\t<\/rs-module>\n\t\t\t\t