I was told that they are the same. can any one verify one way or the other

 

  • ISOintelligentlife 8:04 pm on February 25, 2010

    Mbrcatz has done a good job.

    I’ll give you a good rule of thumb (simplified) answer, though.

    As a general rule, dwelling fire policies cover specifically named things, everything else is excluded; homeowners policies, on the other hand, cover anything that isn’t specifically excluded.

    This is why a dwelling fire policy (the actual policy listing coverages and exclusions) is usually very short by comparison.

    And not all homeowners policies are created equal. The state will have a set level of coverage that a policy must offer to be called a particular policy form (homeowners, in this instance); however, some companies can (and do) offer additional coverages as part of the same package. It’s really all in the details.

  • mbrcatz17 8:04 pm on February 25, 2010

    Well, straight fire is one line of coverage. Liabiltiy is another line of coverage. When most people talk about homeowners, they’re talking about a PACKAGE of coverages.

    Fire coverage means your house is covered for fire, lightening and explosion. That’s IT. Liability coverage, is coverage if someone sues you, for personal (not business) stuff related to your home ownership.

    A typical homeowners policy would be an HO3 form, which includes coverage for the following:

    Building (perils: risks of direct physical loss – really, really broad)
    Contents (perils: named perils, much more broad than just fire)
    Other Structures (possible detatched garage, fence, flagpole, pool, shed)
    Loss of Use (in case something happens to the house and you have to live in a hotel for a couple months)
    Personal Liability
    Medical Payments (no fault payments to a non-household member, injured on your premises)

    They aren’t the same thing. Actually, not all "homeowners" policies are the same, either. It’s not a real insurance term, and can be deceptive.

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