Homeowners Insurance - Washington,DC

HO whatever... bottome line you need to know details on what is and is not covered for the what ifs.

Don't go cheap, you can end up paying dearly for that in the long run. Go cheap = get cheap. That's not to say go buy the priciest thing out there either. Get details, deductibles, etc.

I believe that 3s are replacement cost and 8s are stated value - better for older, hard to value homes. If that's the case, and you don't own an historic home, it all comes down to replacement cost. I would take replacement cost anyday. It's the differance between getting garage sale prices vs new. Go to the department of insurance website in your state and get the facts there.

I would suggest reading the fine print. What exactly is being offered in the way of services and coverages and what deductibles are involved. They when you have a clear picture of those things you would be able to make a more informed decision. Try to get plain English from them instead of legaleze and/or insurance lingo.

You want the best coverage for your money. It doesn't matter what each company identifies as HO-8 and HO-3. Which company gives you the best coverage?

Look very carefully at the coverage. You don't want to save $200 and then have a house fire and not be able to replace your loss.

Here is a web site that clarifies the two. I suggest that you're confused. Each would have the same meaning no matter the company. It's a federal standard.

http://ho8insurance.com/

No clue.
Make sure you are comparing apples to apples when getting the quotes. HO-8 is normally for older homes that replacement value FAR exceeds the market value of the home. Don't know if that applies to your home or not.
Found this on Wiki:
HO1 – Basic Form Homeowner Policy
A basic policy form that provides coverage on a home against 11 listed perils; contents are generally included in this type of coverage, but must be explicitly enumerated. The perils include fire or lightning, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion riot or civil commotion, glass breakage, smoke, volcanic eruption, and personal liability. Exceptions include floods, earthquakes.
HO2 – Broad Form Homeowner Policy
A more advanced form that provides coverage on a home against 17 listed perils (including all 11 on the HO1). The coverage is usually a "named perils" policy, which lists the events that would be covered.
HO3 – Special Form Homeowner Policy
The typical, most comprehensive form used for single-family homes. The policy provides "all risk" coverage on the home with some perils excluded, such as earthquake and flood. Contents are covered on a named peril basis. (Note: "All Risk" is poorly termed as it is essentially named exclusions (ie, if it is not specifically excluded, it is covered))
HO4 – Renter's Insurance
The "Tenants" form is for renters. It covers personal property against the same perils as the contents portion of the HO2 or HO3.[6] An HO4 generally also includes liability cover for personal injury or property damage inflicted on others. [7]
HO5 - Premier Homeowner Policy
Covers the same as HO3 plus more. On this policy the contents are covered on an open peril basis, therefore as long as the cause of loss is not specifically excluded in the policy it will be covered for that cause of loss. (can also be achieved by endorsing an HO15 to the HO3)
HO6 – Condominium Policy
The form for condominium owners.
HO8 – Older Houses
The "Modified Coverage" form is for the owner-occupied older home whose replacement cost far exceeds the property's market value.

I have never in my life been quoted in HO-8 3 or otherwise. I would probably hang up on the person because I want to know numbers.

By numbers I don't mean what it is costing me but what it covers.

I don't know the laws in your state, but I just want to mention this to you. Some insurance companies now are requiring that you bundle your insurance, car and home, in order to stay with them. You may not want both to be with the same group. What you don't want to happen is to change insurances, and then get a note from them that if you don't give them your other business, they will drop you. That is happening in some states now.

I would also be careful about using a company just because they are cheaper. For example, several people here have written in about the difficulty they have faced using Progressive and a few others once they have a claim. That's worth paying extra money, in my book!!

Dawn

Do you know of a good independent agent in your area? I live near my parents, and they've been with the same independent agent since I can remember. They do all the research for you and really know their stuff, ie what each type of insurance is, what it covers, what your needs are, etc. Our agent has been wonderful about answering our questions. They also, upon request, research your needs when your policy is about to expire to see if there is a better deal out there for you. The rates they get you are often extremely competitive.

The HO3, HO8, HO43 whatever numbers added to it means nothing to me. What is covered? That is what is important you need a detailed list as to what is covered and by how much, then compare!

It doesn't matter of the one covers "more" then the other it the "more" is usless covereage, or even if it is just more with less coverage on the more important things

I'm a licensed independent insurance agent in NY state, laws differ by state, but let me say I dont trust GEICO farther then I can throw them. I highly suggest calling a local independent agent for a quote. In NY State HO-8 is the equivalent of a HO-1 which is a "named peril" policy - meaning limited coverage and usually only actual cash vaue coverage. HO-3 is the most common homeowners form its pretty broad in coverage and usually is written at replacement cost value (i recommend you ask though) its pretty inclusive in regards to coverage all though the normal exclusions are there ie flood, earthquake, nuclear war, civil insurrections. I almost always write my day to day clients a HO-3, but every single policy is different as every insured is different, thats why I say call an agent. They will have the expertise to make sure in the event of a claim your covered. (Also I dont consider GEICO, State Farm, Allstate, or Nationwide in that category they are considered "captive" agents"

Be EXTREMELY CAREFUL when looking for "cheap" home owners insurance. It is very easy to get burned!
When we lived in our townhouse we had State Farm. The hose on the washing machine burst and flooded the downstairs. The wash room was right in the middle of the first floor. First we found we had a rather high deductible. Then we found that they only replace EXACTLY what is damaged, not line of sight. So let's say you have a hall way that gets damaged but the living room is not-they will only replace the carpet in the hall and not the living room so it no longer matches. We ran into this with the stairs. The stairs ran right into the living room so the carpet was the same. They would not replace the stairs so we had 2 different colors on the stairs and living room. We could not match the blue so we made the choice get a green that complimented it since we couldn't do anything else. Also, they did not cover the actual cost of what it took to replace things, it was the value minus depreciation. They did not provide a company to do the repair work, we had to find our own. In the end we found ourselves unable to replace the baseboards they pulled off because we didn't have the money and a bunch of other things. It was a mess!!
In comparison, we had a toilet in the upstairs bathroom run for over 3 hours in the house we live in now. We are with AAA. Both upstairs bathrooms flooded, it went through the ceiling and damaged the bathroom downstairs, the hall, the room downstairs and the garage. We had a reasonable deductible that we could afford. They send out all the repair crews as well as the asbestos removal crew when it was found (which was covered too). They also sent the linoleum installers and carpenters. They found us and covered the cost of housing for our family, including our cats that we boarded in the hotel suite with us, I was against boarding them with a vet for an uncertain amount of time. They covered the actual cost of materials as well as line of sight. When all was said and done they re-carpeted all but 2 rooms in the entire house and we paid to have the other 2 so it would all match. Even with a couple upgrades we added we weren't out of pocket for very much and the work was done excellently.
I have never heard the numbers before so I can not comment on those. But what is more important is what they cover and what you will have to pay out of pocket were something to happen. You can't go into buying insurance with the attitude that nothing will ever happen to me so it doesn't matter. Look at us. How was I to plan for our messes? It happens to the best of us.

I don't know about HO-#, but I do know that USAA is an excellent insurance company and to stay away from GEICO. If you are a USAA member, go with them. I'm sure you won't be disappointed, especially if you ever need to actually file a claim.

I'm an insurance agent in AZ. Contact a local independent agent in your area. They can get quotes from many different companies and explain the difference to you. Also, quote your home and auto together, you get a bigger discount. I would not "trust" what Geico is telling you, they tend to say whatever is needed to quote the very lowest rate, sometimes by raising deductibles and removing coverages. All quotes can be emailed and will show the details of what is quoted. Good luck!

If you are active duty or prior military and can use USAA - I would use them. We have been with them for years - my husband going on 25 years and me for 15.

There are distinct differences between the two insurances. HO-3 is "typical" home owners insurance. HO-8 is for older (75+ years) homes.

HO3 is the most popular form of homeowners policy written for insuring the
homes and property therein. HO3 policy covers most of the perils that may damage your dwelling.

HO8 is specially designed to protect the heritage and old dwellings. It offers protection against perils like- theft, riots, volcanic eruption and so forth. Normally, you can receive the actual cash value for your damages, ie. it'll replace the damaged property after deducting the depreciation costs.

Do you live in an old (over 75 years old) home?
Do you live in a recently renovated home?

Talk to the representatives. Get specifics on what you need covered, rebuilding costs, what you have on your property - tile, granite, lenoleum, etc. as each of these have a VERY different replacement cost. If you have 5 shower heads in the master bath - makes a BIG difference as well.