HO 3 Special Homeowner's Insurance Policy

The HO 3 Homeowners (special) Insurance Policy provides coverage towards the following listed perils (damages from certain circumstances) with conditions, limitations and exclusions that apply.
 
            1.   Fire or lightning
 
            2.   Windstorm or hail
 
            3.   Explosion
 
            4.   Riot or civil action
 
            5.   Damage from aircrafts
 
            6.   Damage from vehicles
 
            7.   Smoke damage
 
            8.   Vandalism or malicious mischief
 
            9.   Theft
 
            10.  Glass damage
 
            11.  Volcanic eruption
 
            12.  Falling objects
 
            13.  Weight of snow, ice or sleet
 
            14.  Accidental tearing of water or steam from within a
                  plumbing, heating, air conditioning, automatic fire
                  protective sprinkler system or from within a
                  household appliance.

            15.  Sudden and accidental tearing apart, cracking,
                  burning or bulging of a steam or hot water heating
                  system, air conditioning or automatic fire
                  protective sprinkler system or an appliance for
                  heating water.

            16.  Freezing of a plumbing, heating, air conditioning or
                   automatic fire protective sprinkler system or a
                   household appliance.

            17.  Sudden and accidental damage from artificially
                  generated electric current (does not include loss to
                  a tube, transistor or similar electronic component).

            18.**  All perils except flood, earthquake, war, nuclear
                  accident, and other perils (damages from certain
                  circumstances) specifically excluded under your
                  homeowners policy.

There is no standard policy that will cover all sources of damages. And depending on the HO Policy you currently have or are thinking about purchasing you will find that some policies are rather restricted in the coverage they provide but may provide endorsements (if made available) to meet your needs of insurance coverage. 

The HO 3 Policy provides coverage towards:
 
   the dwelling (the house - living structure itself) and detached
    structures from the dwelling against damages caused by the     listed perils (damages from certain circumstances) under the
    policy

   losses to your personal property against the listed perils
    (damages from certain circumstances) under the policy

   bodily injury (medical expenses) or property damage
    (includes legal defense against a lawsuit) caused to others at
    your home or elsewhere by the insured, family member or
    pet for which you are legally responsible



The HO 3 Policy excludes coverage against:
 
       damage caused by flood
       damage caused by earthquake
       damage caused by war
       damage caused by nuclear accident
       damage caused by power failure
       damage caused by your neglect
       damage caused by intentional loss



Flooding
 
    Flooding is not covered by a standard Homeowners Policy.
    To determine if you need flood insurance, ask your insurance
    professional, mortgage company or neighbors about the
    flood history in your area. If there is a potential for flooding,
    you should consider purchasing a policy that covers the
    structure and your personal belongings.

Don’t miscalculate your need of flood insurance even if your home is not in a risk zone area. Flood insurance is relatively inexpensive and to get information about the National Flood Insurance Program you can consult the Federal Management Agency at 1-800-638-6622.

Discounts
 
You may be entitled to certain discounts, allowing a reduction towards the policy premium for installing:
 
     1.) dead bolt locks and windows
    2.) a security system
     3.) smoke detectors
     4.) a sprinkler system

Other discounts you may be entitled to and could very well be offered (varies with companies) to allow a reduction towards the policy premium could be:
 
    1.) multiple policy discount
    2.) loyal customer discount
    3.) mature homeowner discount
    4.) non-smoker discount
    5.) new home discount
    6.) fire resistant building materials discoun