US home insurance
The Americans have this type of property insurance – the second in terms of the collected insurance premium, it is second only to automobile insurance. The total premium collection for 1997 (more recent data are not yet available) amounted to $ 29.14 billion.
In the United States, insurance policies have a high degree of harmonization for insured risks. Across the country (with the exception of the state of Texas), only seven major types of policies are used. From these standard tools, individual homeowner or tenant insurance coverage is collected. Common additional conditions put forward by the policyholder are usually the requirement of accounting for inflation, which gives a slight increase in the cost of the policy, as well as a deductible, that is, the minimum level of loss that the policyholder covers himself. The most common franchises are $ 250, $ 500, and $ 1,000. The franchise is very attractive to the insured, because it allows you to reduce the insurance rate by 20-30%.
In addition to the house, detached buildings can be insured: a garage, a swimming pool, etc., within 10% of the value of the house, and green spaces – up to 5% of the value of the house.
Home insurance, which is used as a working room, for example, by small entrepreneurs or persons with free professions, is carried out at other rates and policies (Small Business Insurance). The reason for this is the greater saturation of such housing with special devices and equipment, as well as the more free access of third parties to such office apartments. Insurance companies carefully monitor the use of insured housing, refusing to pay to “violators of the convention.”
For many years, citizens of the United States and other Western countries have developed a peculiar reflex to home insurance. It is not only a matter of the impressive mass media of the spectacular pictures of the destruction done by typhoons and hurricanes. Almost all housing is purchased in installments, and one of the prerequisites for the loan is insurance of the purchased house or apartment.
Well, home insurance is a good reason to insure the client not only from the associated risks, but also from all possible misfortunes. Typically offered are supplementary insurance policies for home equipment and jewelry, car insurance, accident insurance, and even credit card insurance policies.
Table 5 . The average home insurance premium for various types of insurance policies in the USA, 1996
Table 6 . Average US Tenant Property Insurance Premium, 1996
|The main types of policies in the USAHO-1 (Homeners-1). The main type of home insurance policy. Protects residential premises and personal property from 11 types of risks: fire or lightning strike; damage from a storm or hail; explosion; riots or riots; plane crash; collision of a vehicle; smoke damage; vandalism or malicious harm; theft; damage to materials that are part of the structure, or glass; eruption.HO-2. Provides protection for residential premises and personal property from 17 types of risk. These are 11 HO-1 risks and additionally: from falling objects; damage under the weight of ice, snow or hail with rain; from damage when using water in home equipment and appliances (3 risks): from damage due to a power surge.HO-3. In addition to risks, HO-2 provides protection against any other losses not specified in the policy, except for floods, earthquakes, wars and nuclear damage.HO-4. Designed for tenants. Extends HO-2 risk protection only to personal property. An apartment or house is not subject to insurance.HO-5. Protection of buildings and personal property from all types of risks. This form of policy has recently been sold less and less.HO-6. Analog HO-2 for condominiums. In addition to personal property, it includes insurance of certain building elements in which the policyholder has an insurance interest.BUT-8. Analogue HO-1. Designed for homes of historical or architectural value. It includes the cost of restoration of the architectural appearance.|