Homeowners insurance policies have three basic categories. HO1 policies are the least expensive, but they also carry the highest deductibles and have the most exclusions for water and other types of damage. In the middle are HO2 policies, which are the most common because they still have reasonable rates but have lower deductibles and cover more types of damage or loss. HO3 policies are on the high end of the spectrum, carrying the lowest deductibles, but with the highest rates. HO3 policies usually have the least restrictive exclusions as well.
*Boat and PWC coverages are underwritten by GEICO Marine Insurance Company. The TowBoatU.S. Towing Coverage Endorsement is offered by GEICO Marine Insurance Company, with towing services provided by the BoatU.S. Towing Program. Towing coverage only applies to the insured watercraft. This endorsement is not available in all locations and is subject to certain restrictions. Towing coverage is subject to availability and service may be restricted based on the location of the insured watercraft or trailer. Please speak to an agent to discuss details of towing services, limits, exclusions and coverage availability.
“While some of the coverage an RV policy offers is similar to regular car insurance to cover accidents, you also need specific coverage that’s like property insurance because you essentially live in the vehicle when you’re using it,” says Gregory J. Blanchard, an associate vice president with Nationwide insurance in Des Moines, Iowa. “You also need liability insurance to protect you if someone trips and falls on your campsite or slips inside your RV.”
Because it can take so long to detect, structural damage can be considered a maintenance problem, which is not covered by home insurance. However, once you’ve discovered the damage and taken steps to repair it and prevent further problems, your insurance policy may cover ensuing loss. For example, if cracks in the foundation let water into your home, that damage could be considered ensuing loss, but the cracks themselves would not be covered.
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RV Insurance Policy For Your RV Or Travel Trailer
The above is meant as general information and as general policy descriptions to help you understand the different types of coverages. These descriptions do not refer to any specific contract of insurance and they do not modify any definitions, exclusions or any other provision expressly stated in any contracts of insurance. We encourage you to speak to your insurance representative and to read your policy contract to fully understand your coverages.
Frequently Asked Questions
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