Homeowner's Insurance

A house is the most expensive investment most individuals will make in their lifetime, Baldwin and Mobile County homeowners have special considerations when purchasing home insurance. Seasonal storms, intense heat and flooding are just a few of the many hazards Gulf Coast homeowners encounter. Damage to your home can be devastating for yourself and your family, but your homeowner's insurance policy will provide you with peace of mind.

 

Standard Insurance | HO3

The H03 insurance policy is one of the most common types of homeowner's insurance. It is a hybrid policy that protects residential buildings and attached structures from all types of potential hazards that are not explicitly excluded in the coverage policy. Additionally, HO3 policies include coverage for personal property possessions

Both structural coverage and personal property coverage are offered on a "Replacement Cost" or RC settlement basis. Some policy's do offer "Actual Cash Value" settlement basis at a reduced cost, however this coverage is NOT recommended.

Offers:

  • Comprehensive protection from all perils that are not explicitly excluded
  • Coverage for personal property including furniture and electronics
  • Coverage for damage to another's property and medical expenses for others
  • Additional coverage available for valuables such as jewelry, art or antiques

What's Covered:

  • Your dwelling and attached structures
  • Personal belongings damaged or lost
  • Liability Protection
  • Temporary living expenses
 

Older Homes | HO8 

The HO8 insurance policy is a basic homeowner's policy usually chosen for residences built prior to 1965, Victorian homes or houses on a historic registry. HO8 is also a suitable plan for structures that do not qualify for HO3. Homeowners that choose HO8 may be disqualified from other types of insurance due to the building's age, lack of a cement slab, or the existence of a crawl space, or unmet modern air conditioning and plumbing standards. HO8 insures the current market value of the dwelling.

Offers:

  • Availability for homeowners with low credit scores
  • Alternative policy for individuals with an imperfect record, such as bankruptcy?

What's Covered:

  • Current cash value of the home or damaged structure
  • Ten specific disasters covered: Fire or lightning, windstorm or hail, hurricane, explosions, riots, vehicles, aircraft, smoke, theft, and falling objects

Dwelling Fire Form 1 (DP-1) | Tenant-Homeowner Insurance

The Dwelling Fire Form 1 is a basic rental insurance policy for rental properties. It is a named-coverage policy that insures rental properties and limited appliances for specific perils. DP-1 replaces the cost value of the home or damaged structures. Additionally, DP-1 includes loss of use, which means that insurance pays the loss income while a home is in repair or uninhabitable.

Offers:

  • Coverage for specific disasters
  • Loss of use in the event of an uninhabitable or damaged rental property
  • Coverage for personal possessions, particularly large appliances, such as a stove or refrigerator
  • Insures the replacement value of the damaged structure

What's Covered:

  • Specific Hazards
  • The building and attached structures
  • Limited coverage for personal belongings
  • Income reimbursement for landlords

 

Dwelling Fire Form 3 (DP-3) | Tenant-Homeowner Insurance

The Dwelling Fire Form 3 is an open rental insurance policy that protects against all potential hazards that are not explicitly excluded in the coverage policy. DP-3 includes loss of use, which means that insurance pays the loss of income while a home is in repair or uninhabitable. Additionally, DP-3 insures the replacement value of the home, rather than the cash value. Unlike policies that only insure the market value, this means that the policy will cover the full cost of the repair rather than the depreciated value of a damaged structure such as a roof.

 

Offers:

  • Comprehensive coverage for all hazards not explicitly excluded
  • Loss of use in the event of an uninhabitable or damaged rental property
  • Coverage for personal possessions, particularly large appliances, such as a stove or refrigerator
  • Insures the replacement value of the damaged structure

What's Covered:

  • Personal possessions limited to large appliances
  • The building and attached structures
  • Protection from liability claims for persons injured at location
  • Income reimbursement for landlords

 

Extra:

 
Alabama Homeowner's Bill of Rights

http://www.aldoi.gov/PDF/Consumers/HomeownersBillofRightsAct.pdf

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