House Insurance - HE7 vs. HO3 (phone, cost, comparison, standard)

[Justpeachee]

I am getting quotes from different places and some are offering an HE7 policy instead of a standard HO3. From the comparisons it looks like the HE7 does give you better coverage, but then why isn't everyone offering it . Just wondering if anyone had an HE7 policy and could give me a little insight on whether it is worth the extra $100 a year. Thanks!

[anifani821]

Originally Posted by Justpeachee

I am getting quotes from different places and some are offering an HE7 policy instead of a standard HO3. From the comparisons it looks like the HE7 does give you better coverage, but then why isn't everyone offering it . Just wondering if anyone had an HE7 policy and could give me a little insight on whether it is worth the extra $100 a year. Thanks!

I prefer H03 and then add riders, but you may want the HE7 w/ no deductible on replacement cost. There were just some things (coverage) I didn't need on the HE7 policy so for me, I prefer a more personalized approach. I overbuy insurance on my house. Not everyone wants to do it that way.

So I would suggest that unless you need that extra coverage on specific items, I would consider an H03 w/ some riders that cover exactly what you need. Like - if you don't need the $500 on refrigeration - that would be something I would never file for - so I didn't care if I had it or not.

[dunroven55]

Originally Posted by Justpeachee

I am getting quotes from different places and some are offering an HE7 policy instead of a standard HO3. From the comparisons it looks like the HE7 does give you better coverage, but then why isn't everyone offering it . Just wondering if anyone had an HE7 policy and could give me a little insight on whether it is worth the extra $100 a year. Thanks!

I have an 7 and the reason it is more expensive is that it provides much broader coverage than the 3. Firemans Fund offers the 7 and you could check with my agent for other means to get a quote if you will pm me I will give you that information.

You have full replacement cost on the structure and on contents. The jewelry schedule is broaden to provide full coverage for unscheduled items up to a certain amount.

The Ho3 provides coverage for replacement cost on the contents however it pays based upon replacement cost less depreciation equals amount of check.
When you have replaced the item they will pay you the difference between the depreciated value and what it cost you to replace it.

There are many reasons to carry the 7. It has been many years since I worked in the business so it would be better for you to speak with a representative.

Definitely worth the difference in cost.

Hope I have been some help to you.,

Dunroven

[anifani821]

Originally Posted by dunroven55

I have an 7 and the reason it is more expensive is that it provides much broader coverage than the 3. Firemans Fund offers the 7 and you could check with my agent for other means to get a quote if you will pm me I will give you that information.

You have full replacement cost on the structure and on contents. The jewelry schedule is broaden to provide full coverage for unscheduled items up to a certain amount.

The Ho3 provides coverage for replacement cost on the contents however it pays based upon replacement cost less depreciation equals amount of check.
When you have replaced the item they will pay you the difference between the depreciated value and what it cost you to replace it.

There are many reasons to carry the 7. It has been many years since I worked in the business so it would be better for you to speak with a representative.

Definitely worth the difference in cost.

Hope I have been some help to you.,

Dunroven

Well, you sure enlightened me, LOL! Thanks for the info - I learn something here every day, it seems!!!

[dunroven55]

Originally Posted by anifani821

Well, you sure enlightened me, LOL! Thanks for the info - I learn something here every day, it seems!!!

ME TOO ANI!

Dunroven

[sierraAZ]

Since this is a current insurance thread, let me use it and ask something. I've been considering getting rid of my land line for some time, but a few days ago read the insurance companies don't like that because of the potential 911 calls you can't make if you lose service on your cell. Well, if the power goes out, it's not like you can make a call unless you have a corded phone anyway... Does anybody have an idea if there's any truth to this? Plenty of people don't have land lines anymore... What does it even have to do with homeowners insurance?! I recall in the past there was even a warning that your credit score is gonna drop if you don't have a land line... Can't imagine this being true now even if it were before.

[Justpeachee]

Thanks for the replies. SierraAZ I hope that someone answers your question. I am very interested to see if it is true as we will not have a landline. No one asked me about that when I was getting quotes though.

[sierraAZ]

Originally Posted by Justpeachee

No one asked me about that when I was getting quotes though.

Nobody's ever asked me about this, either... Sounds weird. Perhaps it's just an urban legend.

[golfgal]

I have never heard of an insurance company having issue with no land line. First of all, usually if you are calling 911 it is for a fire or burglary. You shouldn't be making either of those calls from inside your own home anyway--not safe, so having a cell phone is a better protection in those cases anyway. Also, you can call 911 from your cell phone it just doesn't link to your county dispatch.

As for the policy type, some of that might have to do with your individual state. Each state has their own insurance laws. Also, most companies do offer some sort of expanded HO3 policy, they are HO5's in our area. Some houses don't qualify for an HO5 so that might be the case as well.

anifani821--In MN the refrigeration coverage is standard to the base HO3, you couldn't opt out even if you wanted. You don't see many individual claims for this but along with a natural disaster, say tornado, most people get paid out for that.

[sierraAZ]

Originally Posted by golfgal

I have never heard of an insurance company having issue with no land line. First of all, usually if you are calling 911 it is for a fire or burglary. You shouldn't be making either of those calls from inside your own home anyway--not safe, so having a cell phone is a better protection in those cases anyway. Also, you can call 911 from your cell phone it just doesn't link to your county dispatch.

Now I remember they were saying the reason for this was that they can trace the location if the call is make from a land line. Suppose they mean the rare case when your house gets on fire and you make a call but have to run before you manage to tell them the address. In any event, it's pretty odd.