Lakewood Washington Home Insurance
Shopping for Lakewood Washington Home Insurance Can Be a Chore!
When you are shopping for insurance in Lakewood Washington or the surrounding areas Duncan and Associates Insurance Brokers can help you find the coverage you need at a price you can afford!
Call 253-588-1195 and we will shop the market to find the best options for business, life, car, and home insurance in Lakewood Washington.
As a leading independent insurance agency in Lakewood Washington we represent top companies ready to compete for your business.
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Did you know not all home insurance policies are equal? Let’s consider 2 different types of home policies available for our area.
What is the Difference Between the HO3 & the HO5 Lakewood Washington Home Insurance Policy?
In simple terms the HO5 home insurance policy adds something called the open perils coverage option for personal property versus named perils coverage on the HO3.
What does open perils mean?
Open perils coverage does not list specific perils or causes of loss that would be covered by a home insurance policy.
In contrast the HO3 is known as a named perils policy. For coverage to apply for the personal property damaged, destroyed or stolen, the claim event must be listed in the policy otherwise the claim would not be covered.
One Example of a Claim Covered by the HO5 but Not Covered by the HO3.
Note how power surge is listed as a named peril in the HO3 but excludes coverage for electronic components and circuitry:
Sudden and accidental damage from artificially generated electrical current. This peril does not include loss to tubes, transistors, electronic components or circuitry that is a part of appliances, fixtures, computers, home entertainment units or other types of electronic apparatus.
In the event of a power surge and the electronic components are damaged or destroyed there would be no coverage under the HO3 Lakewood Washington home insurance policy.
The HO5 in contrast would cover power surges unless it is specifically listed in the exclusions.
The HO5 Is a Superior Policy Compared to the HO3.
There literally could be hundreds of different types of claims that would be covered by the HO5 vs the HO3 and for this reason the HO5 is superior.
Call us today at 253-588-1195 and we will be glad to shop the market to help you find the best options for home insurance in Lakewood Washington.
Remember when you combine your car and home with the same company extra discounts apply!
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