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Alaska Homeowners Insurance Policies

If you are the owner of your residence, there are many policies to make your choice from. The HO-3 being the most common among the lot, it gives you the widest coverage possible. It is often purchased by those who owned multi- family homes together with an authorization to insure the risks commonly associated with having tenants in their properties. The various types of homeowners insurance policies are discussed below. You can find more homeowners insurance information here and here. HO-1: Limited coverage policy This policy is too simple in that it barely provides coverage for anything tangible. It protects you from the first 10 tragedies. Most states no longer have this policy HO-2: Basic policy This policy is very rudimentary; nevertheless it ensures coverage for all 16 tragedies. A specific version of the Ho-2 is designed just for mobile houses HO-3: The most common policy HO-3 is often regarded as an “exceptional” policy because it gives coverage to your home against every danger, with the exemption of those were specifically omitted. HO-8: Older home HO-8 is specifically made for aged homes; generally HO-8 policy compensates you for damages by providing the value of the actual cash involved. This simply means you get the value of the replacement cost after deductions has been made for depreciation. Some older properties may not be eligible for replacement cost policies. And if you own a condo or co-op the suitable policy is the HO-6, H0-6: condo/co-op The HO-6 co-op/ condo policy is ideal for owners of condo or co-op it gives protection to your belongings and also to the structural part of your building, it gives you projection against all 16 tragedies Your level of insurance Irrespective of your status; landlord or tenant, the following three options are open to you: Actual cash value  This policy simply pays you the replacement cost of your home or belongings after deducting the depreciation value. Replacement cost. Under this policy, you are paid the full cost of renovating/ rebuilding your home or the full cost of replacing your belongings without deducting the depreciation costs. Guaranteed or extended replacement cost.  The greatest level of coverage is provided by this policy, it reimburses you whatever the cost of rebuilding your home is prior to the occurrence of fire or other tragedies, not minding if such costs exceed the limits offered by the policy. It grants you coverage against unexpected increase in the cost of construction which might be cause by non-availability of building materials following a general disaster or any other unexpected circumstances. Extended replacement cost as a rule does not provide coverage for financial implications of upgrading the home to comply with the present building codes. Nevertheless, you can obtain an authorization or an inclusion to known as Law or Ordinance to your policy to assist in paying for the extra costs. If your home is an older property, you may not be eligible for a guaranteed replacement cost. A number of insurance firms provide extended policy instead of guaranteed replacement cost. The extended policy usually provides a specific percentage above the limit required to renovate your house. It is usually between 20%- 25% above the policy limit. For instance, if you sign up for a policy of $200,000 you might get up to an additional $40,000 or $45,000 of coverage. Despite the fact that extended/ guaranteed replacement cost policy is a little costly, it provides the best monetary protection for all kinds of tragedies that may occur in your home. However, all these coverage are not available in every state and they are not offered by all companies.

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