What is an HO-8 Home Insurance Policy?

If your Post Falls, ID, home is over 40 years old, constructed using hard-to-replace materials, features a unique design, or has historical significance, an HO-8 home insurance policy may be a suitable option. HO-8 policies are specifically designed for homes where the replacement cost exceeds the market value due to unique construction or historical significance. In some cases, insurers may prefer HO-8 over standard home insurance policies for older homes, as they can present risks that traditional policies aren’t designed to address.

How Does HO-8 Insurance Work?

HO-8 home insurance provides basic coverage similar to regular home insurance policies, including liability, structural coverage, coverage for personal belongings, and loss of use. However, its coverage is limited and typically excludes some common risks, such as damage caused by falling objects, the weight of ice/snow, freezes, or power surges. These specifics depend on the insurer you use and the add-ons you buy.

HO-8 policies also use actual cash value for payout settlements, rather than replacement cost coverage. This helps lower premiums but may mean payouts are insufficient to restore older homes to their original condition, leaving homeowners responsible for the difference.

Call Infinity Insurance Group for More Information about Home Insurance

Infinity Insurance Group offers HO-8 insurance as well as other forms of home insurance to make it easy for Post Falls, ID, homeowners to purchase a policy that meets their exact needs. Call us to request price quotes or get expert assistance from one of our seasoned team members.