Fire Insurance Only ?

[TonyC]

Not sure if this product exist.

But, a friend who owns his home outright, just wants FIRE INSURANCE only for his home.

I thought for a minute, but i know little to nothing about PC.

Does this product exist?

 

[Bobby]

Yes there are fire only policies but I would not recommend them even if you own home out right.

 

[djs]

Yes, they exist. They are called DP policies (dwelling). They are limited peril policies and cover things like fire, wind, etc, but not much else. Some carriers also sell an HO-1 policy, which is similar.

By default, they tend not to cover things like personal property or liability. They also tend to cover at actual cash value rather than replacement cost, though some offer replacement cost coverage as an option.

They also miss many things that are typical homeowner claims (such as theft).

But they are available.

Ironically, they are usually more expensive than a well shopped true homeowners policy, or at least, similar in price. I know in some areas this isn't true, but most it is.

Dan

 

[TonyC]

Yes, they exist. They are called DP policies (dwelling). They are limited peril policies and cover things like fire, wind, etc, but not much else. Some carriers also sell an HO-1 policy, which is similar.

By default, they tend not to cover things like personal property or liability. They also tend to cover at actual cash value rather than replacement cost, though some offer replacement cost coverage as an option.

They also miss many things that are typical homeowner claims (such as theft).

But they are available.

Ironically, they are usually more expensive than a well shopped true homeowners policy, or at least, similar in price. I know in some areas this isn't true, but most it is.

Dan

thanks Dan!

So Basically, its a policy that excludes Wind Coverage (from what i understand).

 

[djs]

The named perils usually covered by DP1/HO1 policies are:
• Fire & Lightning
• Internal Explosion & External Explosion
• Windstorm & Hail
• Riot & Civil Commotion
• Smoke
• Aircraft
• Vehicles
• Volcanic Explosion
• Vandalism & Malicious Mischief

Most homeowners policies are all-peril unless specifically excluded. Huge difference when it comes to claims.

 

[insurance1822]

Typically (in the rare occasions you hear somebody insisting on fire only coverage) they tend to be older..stubborn & incredibly stupid. There is absolutely no rational argument for basic form coverage for somebody's home. I wouldn't even do business w/ this block head. If you do..present him broad & special form policies that include the costs for them along w/ your recommendations against taking basic form. Again..this guy's an *** & should be hit by a bus.

 

[VolAgent]

Typically (in the rare occasions you hear somebody insisting on fire only coverage) they tend to be older..stubborn & incredibly stupid. There is absolutely no rational argument for basic form coverage for somebody's home. I wouldn't even do business w/ this block head. If you do..present him broad & special form policies that include the costs for them along w/ your recommendations against taking basic form. Again..this guy's an *** & should be hit by a bus.

Whether you disagree with someone or not, you shouldn't wish ill upon him.

Yes, the guy is an *** who doesn't know better. That doesn't mean he deserves such thoughts.

 

[insurance1822]

Whether you disagree with someone or not, you shouldn't wish ill upon him.

Yes, the guy is an *** who doesn't know better. That doesn't mean he deserves such thoughts.

^kumbaya. There are many people (terrorists, evil dictators etc..) whom I substantially disagree with & furthermore wish much worse then "ill" upon them. Stupid people? I guess I don't want this man to be physically injured by a bus...but I would really enjoy a follow up post where this guy signed away his life & lost his home because of his stupid thick headed decisions. I'm stone cold when it comes to voluntary stupidity. If you entirely disclose the consequences of somebody's ill-advised choices & they then suffer the wrath I fully welcome the joy that brings me. Sympathy for stupidity is why our country is going downhill.

 

[bobson]

The named perils usually covered by DP1/HO1 policies are:
• Fire & Lightning
• Internal Explosion & External Explosion
• Windstorm & Hail
• Riot & Civil Commotion
• Smoke
• Aircraft
• Vehicles
• Volcanic Explosion
• Vandalism & Malicious Mischief

Most homeowners policies are all-peril unless specifically excluded. Huge difference when it comes to claims.

Of all the homeowner claims your companies have paid, what percentage wouldn't be covered by one of these perils? By far in my area windstorm and hail are the biggest deal. The only peril this form is missing is accidental discharge of water. If you add that in I'd bet 99% of claims would be covered under this policy form.

And eventually a roof has to be replaced anyway whether by a claim or not. Most people can absorb non-fire losses if they must. No one is happy to pay $10,000 for a new roof out of pocket but it won't wipe someone out.

Liability insurance and fire insurance are by far the most important coverages on a home or rental dwelling.

 

[todd02]

^kumbaya. There are many people (terrorists, evil dictators etc..) whom I substantially disagree with & furthermore wish much worse then "ill" upon them. Stupid people? I guess I don't want this man to be physically injured by a bus...but I would really enjoy a follow up post where this guy signed away his life & lost his home because of his stupid thick headed decisions. I'm stone cold when it comes to voluntary stupidity. If you entirely disclose the consequences of somebody's ill-advised choices & they then suffer the wrath I fully welcome the joy that brings me. Sympathy for stupidity is why our country is going downhill.

Can't believe I'm actually going to say this.... I 100% agree with 1822.