HO-3 Special Form insurance provides coverage from a list of named perils. These perils are:So you are covered if that Yellowstone Caldera buries you under 30 feet of ash, but you aren’t covered if that sinkhole swallows your two acresErosion is not listed in the named perils, so damage it does to your home or property isn’t covered by your homeowners insurance.
- Vandalism
- Theft
- Frozen Pipes
- Damage caused by vehicles
- Damage caused by aircraft
- Rioting or civil disturbances
- Fire or lightning
- Windstorm or hail, such as a hurricane or tornado
- Damage from smoke
- Damage caused by heating, air conditioning or plumbing
- Damage due to snow, ice or sleet
- Damage from water heater, including cracks, burns or tears
- Damage from electrical currents, such as downed power lines
- Explosions
- Falling Objects
- Volcanic Eruptions
Earthquakes, erosion, sinkholes and landslides are classified as “earth movements,” and are not typically covered in a homeowners plan. This is because they don’t happen frequently enough and they’re too unexpected and costly to be calculated consistently into a premium. It’s easier to account for events that happen more often and are not as catastrophic, like lightning strikes or theft.
I have friends here in New York State, who at least 25 years ago, had lightning strike, and severely damage their chimney, and the insurance wouldn’t cover it because it was an act of God.