What Are The Two Types Of Homeowners Insurance?

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    David G. Pipes, CLU®, RICP®
    Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
    There are seven homeowner’s forms in current use.  Some of the forms are rarely used.  The HO-3 form is the most commonly used.  The differences between the forms has to do with the list of insured perils (fire, wind, lightning etc.) and the method the company will use to adjust the claim (actual cash value, or depreciated value, and replacement cost.)  The price for the various forms varies.  Lenders may demand that a specific form be used.
    Answered on March 7, 2014
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