{"id":347,"date":"2019-10-24T17:04:04","date_gmt":"2019-10-24T17:04:04","guid":{"rendered":"http:\/\/www.insurance-education-group.com\/insuranceeducationgroup\/?page_id=347"},"modified":"2020-02-20T23:43:06","modified_gmt":"2020-02-20T23:43:06","slug":"hoc-home-insurance-policy","status":"publish","type":"page","link":"https:\/\/www.insurance-education-group.com\/hoc-home-insurance-policy\/","title":{"rendered":"HOC Home Insurance Policy"},"content":{"rendered":"
[vc_row][vc_column][vc_custom_heading text=”HOC Home Insurance Policy” font_container=”tag:h1|text_align:left” use_theme_fonts=”yes”][vc_column_text]The HOC Home Insurance Policy is one of the best home insurance policies available in the United States. It provides excellent coverage for both your home and personal property.[\/vc_column_text][vc_custom_heading text=”HOC Insurance Coverage is for Open Perils” font_container=”tag:h2|text_align:left|color:%231a4b9a” use_theme_fonts=”yes”][vc_column_text]The HOC insurance policy is open perils<\/a>. This means the insurance policy does not list the perils that cover your home and personal property. Rather, it lists the perils your home and personal property does NOT cover.<\/p>\n

If your home and\/or personal property are damaged by a peril not found on the exclusion list, then you are covered. This policy provides extensive coverage, and as a result is one of the most elite home insurance policies available.[\/vc_column_text][vc_custom_heading text=”HOC Insurance Open Peril Exclusion List” font_container=”tag:h2|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]The H0C policy usually excludes 21 perils from coverage. Listed below is the exclusion list that applies to both the dwelling and personal property:[\/vc_column_text][vc_row_inner][vc_column_inner width=”1\/3″]

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Earth Movement<\/h5>\n<\/p><\/div><\/div><\/div>
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Power Failure<\/h5>\n<\/p><\/div><\/div><\/div>
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Nuclear Hazard<\/h5>\n<\/p><\/div><\/div><\/div>
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Collapse<\/h5>\n<\/p><\/div><\/div><\/div>
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Settling, Expanding<\/h5>\n<\/p><\/div><\/div><\/div>
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Mold, Fungus, Rot<\/h5>\n<\/p><\/div><\/div><\/div>
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Smog, Corrosion<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][vc_column_inner width=”1\/3″]
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Ordinance \/ Law<\/h5>\n<\/p><\/div><\/div><\/div>
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Neglect<\/h5>\n<\/p><\/div><\/div><\/div>
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Intentional Loss<\/h5>\n<\/p><\/div><\/div><\/div>
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Construction Theft<\/h5>\n<\/p><\/div><\/div><\/div>
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Birds, Vermin<\/h5>\n<\/p><\/div><\/div><\/div>
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Wear & Tear<\/h5>\n<\/p><\/div><\/div><\/div>
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Agri. & Ind. Smoke<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][vc_column_inner width=”1\/3″]
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Water Damage<\/h5>\n<\/p><\/div><\/div><\/div>
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War<\/h5>\n<\/p><\/div><\/div><\/div>
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Govt. Action<\/h5>\n<\/p><\/div><\/div><\/div>
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Vandalism<\/h5>\n<\/p><\/div><\/div><\/div>
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Mech. Breakdown<\/h5>\n<\/p><\/div><\/div><\/div>
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Pollutant Discharge<\/h5>\n<\/p><\/div><\/div><\/div>
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Owned Animals<\/h5>\n<\/p><\/div><\/div><\/div>[\/vc_column_inner][\/vc_row_inner][vc_custom_heading text=”H0C Insurance Exclusion List Clarifications” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]Although the list above is the default exclusion list for the HOC, there are some minor clarifications that need to be made.[\/vc_column_text][vc_custom_heading text=”Water Damage” font_container=”tag:h4|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]HOC insurance policies exclude most<\/em> water damage, but not all. It almost always\u00a0 covers Sudden & Accidental Water Damage. Other types of water damage<\/a>, like Water Backup, can be endorsed onto the policy for an additional premium.[\/vc_column_text][vc_custom_heading text=”Collapse & Mold, Fungus, or Wet Rot” font_container=”tag:h4|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]Your policy may provide some c<\/em>overage for Collapse, for Mold, Fungus, or Wet Rot and for Ordinance or Law. It depends on the insurance company offering the HOC insurance policy.[\/vc_column_text][vc_custom_heading text=”Vandalism & Malicious Mischief” font_container=”tag:h4|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]The HOC excludes vandalism and malicious mischief only<\/em> if the dwelling has been vacant for more than 60 days.[\/vc_column_text][vc_custom_heading text=”Endorsements” font_container=”tag:h4|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]Finally<\/span>, just because the H0C excludes certain perils doesn’t mean you can’t get coverage for them. For example, earthquake, many types of water damage, flood, can all be added onto the policy for an additional premium.[\/vc_column_text][vc_custom_heading text=”HOC Insurance is a Replacement Cost Policy” font_container=”tag:h2|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]\n
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The HO-C home insurance policy is normally written as a Replacement Cost<\/a> policy rather than an Actual Cash Value policy.<\/p>\n<\/div>\n<\/div>\n[\/vc_column_text][vc_custom_heading text=”Replacement Cost” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]\n

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Replacement cost coverage simply means that if anything needs to be replaced, it will be replaced with brand new materials at today\u2019s cost, regardless what the material was worth at the time it was destroyed.<\/p>\n

For example, if your house burns down, replacement cost policies should cover the home to be rebuilt with brand new lumber at today\u2019s prices.<\/p>\n<\/div>\n<\/div>\n[\/vc_column_text][vc_custom_heading text=”Actual Cash Value” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]\n

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Actual cash value policies depreciate the value of the material that was damaged before paying out on claims. This means you could be paying out-of-pocket the difference between the cost to replace your home and the money received from insurance.<\/p>\n<\/div>\n<\/div>\n[\/vc_column_text][vc_custom_heading text=”Home Policy Comparison – Baseline HOC” font_container=”tag:h3|text_align:left|color:%23274e95″ use_theme_fonts=”yes”][vc_column_text]Where does the HOC policy stand compared to other policies? It’s near the top, but not at the top. Here is a quick look at other home insurance policies and how they stack up to the H0C:<\/p>\n

Less Coverage: <\/strong>HO1,<\/a> HO2,<\/a> HO8,<\/a> HOA,<\/a> HOA+,<\/a> HO3,<\/a> HOB<\/a><\/p>\n

Roughly Equivalent Coverage:<\/strong> HO5<\/a><\/p>\n

More Coverage:<\/strong> None; this is one of the best policies[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column]\n\t\t\t

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