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Home Insurance Companies

Home Insurance USA is an insurance of a property against adversity, both natural as well as man-made, in which an insurance company along with premium also pays for certain types of losses or damage. USA home insurance is also called Hazard Insurance and Homeowners Insurance (HOI). A person taking an insurance policy is called the policyholder, who makes a legal contract with an insurance company in States. This legal binding contract is called an Insurance policy, which is the protection against economic loss or damage. USA home insurance policy includes damage to one's home, loss of content or personal possession of homeowner. Before 1950 a policyholder was used to take separate hazard policy in US for theft, fire, hail etc. But after 1950 a change was made in US home insurance policies, according to which, homeowner buy one policy covering all the insurance they needed. These insurance policies used to differ with companies and there was no standardization in these policies.

Insurance Services Office

To homogenize and regulate the home insurance policies in America a private insurance company known as the Insurance Services Office (ISO) from Jersey City in the state of New Jersey was formed that did a commendable job of giving seven standardized homeowner insurance forms. These are:
  • HO-1: It is a fundamental type of home insurance in USA that provides insurance for items described in an insurance policy against fire and lightening damage.
  • HO-2: HO-2 a limited policy like HO-1 is also known as 'broad coverage' provides coverage against windstorm, hails, theft, riots or civil commotions etc.
  • HO-3: The most commonly purchased US home insurance policy is HO-3 and covers home, structure and its content. Any visitor who gets injured in the vicinity of the insured house and accountability arising out of its daily use has also been covered under this homeowners insurance.
  • HO-4: Ho-4 is commonly known as tenant's or renter's insurance policy or coverage. This insurance policy in States provides relieve against lighting, riots, explosion, destruction, smoke, theft, volcanic eruption, etc.
  • HO-5: Under this US insurance policy house not an apartment or condo is covered. Quite similar to HO-3 but has wider coverage.
  • HO-6: This homeowners' insurance policy is meant for the condominiums units and for the owners of condos.
  • HO-8: HO-8 is also known as 'older home' insurance policy. It is a replacement policy for an old home where replacement cost is higher than that of market value.
In some states of USA instead of HO-1, HO2 etc HO-A, HO-B is used which means nothing but just the change in title with similar coverage. Before availing any USA homeowners' insurance policy it is important to read your policy and check what has been included and excluded from that. Also see if there is a provision for any special endorsements or not. A 'covered loss' by policy is that loss which meets all of the requirements prescribed in the terms of an insurance policy. Homeowners' insurance USA or home insurance can be against:
  • Fire
  • Lightning
  • Windstorm
  • Hail
  • Theft
  • Explosion
  • Smoke damage from vehicle and aircraft
  • Malicious mischief
  • Riot or civil commotion
  • Building collapse

Insurance Companies in USA

As such there is no centralized regulatory agency that looks after the USA insurance companies. But the individual states control the insurance companies in USA. Hazard/Insurance regulatory agencies are also called:
  • Department of Insurance
  • Division of Insurance
  • Insurance Bureau
Commissioner of Insurance, Director of Insurance or a similar designation headed the agency. Home Insurance companies in US also offer insurance quotes online to compare and choose the best possible option. As people these days are more aware so they want monetary protection of their home so home insurance comparison based on rates should be made. By sensing this many insurance companies have come up in States such as home insurance companies in Florida, Texas along with other states are providing full professional guidance and insurance policies. Home insurance companies ratings depend upon its financial strength, homeowners' level of satisfaction etc. There are different rating scales to check the standing of an insurance company. Online you can easily get this along with the list of insurance companies in USA that will really help you in finding the most suitable company offering insurance for your home against natural and man made calamities.
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