Lady Gaga Goes OTT

Yes we mere mortals do expect the super stars to go over the top and would probably be disappointed if they didn’t. Familiar as we are with her shock tactics on stage it really comes as a pleasant surprise that the home purchased by Lady Gaga and overlooking Zuma beach in Malibu is surprisingly tasteful and stylish. This is the complete opposite look to what Lady Gaga goes for her in her lavish concerts and is a soft dreamy palate in cream, white and mushroom shades. The outside is subdued and discreet and leads into a wood panelled reception area with a winding staircase protected by a wrought iron banister with an elegant crystal chandelier as a twinkling centerpiece that catches the eye.

There are different types of home insurance the same way there are different types of homes. Some people live in condominiums, others rent while others live in their own homes. Some homeowners live in old homes. All these types of homes have different insurance policies that are based on HO. There is insurance for condominiums, for renters, for homeowners and for those living in old homes. You should therefore choose the best value home insurance depending on your type of home.

Types of home insurance policies

•    HO1- this is the basic insurance policy that is provided to homeowners and it only covers 11 perils which include fire or lightning, hail or windstorm, malicious mischief or vandalism, theft, damage from aircraft and vehicles, explosion, civil commotion or riot, smoke, volcanic eruption, glass breakage and personal liability. It covers dwellings and personal property of the homeowners. The policy is hardly used nowadays due to narrow coverage.

•    HO2- this is broader than HO1 and it covers 16 named perils that are listed in the policy. Perils that are not named are not included. It is for homeowners with coverage for dwellings and personal property. it caters for living expenses due uninhabitable dwellings caused by any of the insured peril.

•    HO3- the policy is comprehensive and homeowners use it. It covers all risks on the home and other structures except those specified in the policy such as earthquake and flood perils. It is the most common with homeowners, it covers all risks on dwellings and the named perils such as those listed on HO2, on personal property.

•    HO4 is the policy for renters covering the same perils as HO3 but only for personal property. It also covers liability on personal injury and damage of other people’s properties.

•    HO5 policy covers both dwellings and personal property based on open perils. This means that all losses are covered except those excluded in the policy.

•    HO6 is for unit owners such as cooperatives and condominiums. Such homes have common areas and areas specific to each owner. The policy covers personal property, carpeting, ceilings, wallpaper, kitchen cabinets and built in appliances, against the 16 perils also covered in HO2. The policy does not cover the common areas and the structure.

•    HO8 is a policy for older homes that are owner occupied. The replacement cost of these homes exceeds the market value of the property. It provides for cheaper functional replacement considering that the insurance company insurers the home for more than it is worth. The coverage is on dwellings and personal property.

These types of home insurance are represented by specific policies. HO1, HO2, HO3, HO5 are policies for private homeowners. Their difference is that they have different coverage on perils. You should choose the one appropriate for your home in order to get best value home insurance. HO4 provides coverage for renters and HO6 is for unit homeowners such as condominiums. HO8 is for older homes that require more money to replace than they are worth.