HO-8: Older Houses Home Insurance
The Older Home insurance form provides main structure and personal
property coverage similar to the ones offered by the HO-1 policy. The
main difference is in the method used to determine the amount of the
coverage. While the Basic form uses the replacement cost value method,
the Older Home insurance is based on the actual cash value of the property.
The reason is that the cost to replace many older homes may be significantly
higher than their market value. This policy also provides limited theft
coverage.
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