Published at Monday, April 16th, 2018 - 23:05:28 PM. Home Insurance. By Durand.
Person A has pretty good credit and has never filed claims on her home insurance. Person B has pretty good credit and has never filed claims on her home insurance. You would think that a quote from the same company on home insurance would yield similar, if not identical, results, right? Unless they are getting a quote on the same house at the same time, their quotes will most likely be different. Why is that? Why do home insurance rates seem to be so random? Home insurance rates are actually not random at all. Each insurance company doing business in Nevada has to file their rating structure with the Nevada Department of Insurance. The DOI can reject the rating structure if they deem it to be unfair or unlawful. Once the rating system is approved, the insurance company must then apply the rating structure to all potential insureds equally.
There are different kinds of coverage which go from an HO0 category which covers damage from fire, smoke, lightning, explosion and others which are very general, up to an HO5 category which covers most anything that can happen to your home. An HO5 home insurance policy will cover everything with the exception of items specifically mentioned in it, some of the items most insurance companies will not cover are floods, earthquakes and termite damage. Beware just because you buy this category of home insurance, it does not mean you are covered, the policy you buy must detail specifically what is and is not covered.
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