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Digging into Homeowner’s Insurance
Most homeowners have some kind of insurance on their houses. And most homeowners plunk down a certain amount of money per month on a policy, and assume that the policy will provide coverage when something bad happens.
But, according to CoreLogic, insurance policies vastly differ. Meaning, that if you think you’re covered for some kind of loss or destruction, you actually might not be. For example, an HO-3 policy, the most commonly written type of home policy, provides protection for many issues, except for exclusions. Policies available range from HO-1, which covers only perils named in the policy, to HO-8, which is designed for older houses, and doesn’t provide for full replacement cost.
And, there is no guaranty that the so-called “perils” might include acts of nature, such as flood or earthquake. The advice here is to fully understand your policy, what it covers and what it doesn’t.
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