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Homeowners Insurance Question... should we get an HO3 or an HO7 policy? |
I am so confused! I know that the HO3 is not as comprehensive as the HO7 policy, but I'm not sure if the HO7 is worth the extra money... There is a $70/year difference. Should we spend the extra money and get the HO7? Is there another kind of policy that we should ask about? Think cars when you think about the difference between the HO3 and the HO7. The HO3 is the base model; it will get you around, but it is not built for everything. You can add a thing here or there (DVD package, 12 speaker surround, etc) but they cost a lot to add to the base model. The HO7 has all of the features of the base, but a bunch more little options are also thrown in. Because you take a lot of features up front, you get a discount. If you are paying only $70 more a year for the HO7, go for it. That said, don't forget to talk to your agent about the other "features" that are available to you. Talk about your risks and make sure they are covered. Pet, children, yard equipment (pool, trampoline, etc), home business, ATV, snowmobile, and on. Some of these will be covered and some won't; make sure you know which is which and insure for what you have. Good Luck. Source(s): 12 years of insurance all on the company side. We don't look for ways to deny a valid claim, but we are not going to pay for something we didn't intend on insuring either! OH, the HO7 is VASTLY superior to the HO3!! It's WORTH the extra $70 a year. If you've got someone offering it to you, take it. Did your agent sit down and show you the huge list of coverage differences between the two?? The biggest thing, it takes your contents and insures them for SO MUCH MORE than an HO3. Not dollar wise, but coverage wise. I'd also sit down and ask them what kind of "bells & whistles" they can add to the policy - enhancement endorsements. Especially backup of sewers and drains. Which is probably built into the HO7. agent, 21+ years Hi thier the are basically 2 type of homeowners policies it all depends on you, make sure the dwelling amount is the amount of the mortgage, if you dont have a mortgage make sure you see what the cost of square foot is in the area of your home, then regarding your personal property, do you have new or old personal items make sure you cover your personal property and i recommed always a higher deductible on your home if it is fairly new, older homes should have lower deductible never now what will happen, if you have any questions check out globalwideinsurance.com |
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