Homeowners Insurance For An Older Home
The broad coverage of the HO-3 homeowners insurance policy is probably the most popular coverage bought by homeowners. In some cases, this type of policy may not be available for every type of home.
Individuals that own an older home may not be able to get traditional kinds of homeowners insurance coverage. This may be because the cost of replacing the home may well exceed most policy limits. In this case an HO-8 policy may be needed. This type of homeowners insurance policy will replace your older home at its market value. This is an actual cash value policy with limited coverage.
If you would like homeowners insurance quotes from insurance companies near you, use our online multiple quote request form.
Sources
- Are there different types of policies? Retrieved May 13, 2008, from http://www.iii.org/individuals/homei/hbasics/arethere/
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