Some companies have a “take it or leave it” or “one size fits all” approach to everything they do. At iMGA we know your clients have unique situations that require a range of options.

We’re happy to provide a variety of Homeowners coverage policy forms to help you in meeting as many of those situations as possible. When quoting an iMGA policy you’ll be able to choose between offering an HOA, HOA+ or HOB policy.

Here are the main differences between those and some of the reasons you might choose one over the other:

HOA

The most basic coverage is provided by the HOA policy. Its coverages are on an Actual Cash Value for specific named perils and is the most appropriate policy for older dwellings or dwellings that do not qualify for some reason for Replacement Cost coverage, or for your clients who simply want the lowest cost option. The named perils covered by an HOA policy include:

1. Fire and Lightning
2. Sudden and Accidental Smoke
3. Windstorm, Hurricane and Hail
4. Explosion
5. Aircraft and Vehicles (unless vehicle damage caused by insured or occupant)
6. Vandalism and Malicious Mischief
7. Riot and Civil Commotion
8. Theft

HOA+

Customers who do need or want and qualify for Replacement Cost coverage on their dwelling but do not qualify for an HOB (or wish to save some money by reducing some coverage) are ideally suited for an HOA+ (HOA Plus) policy. HOA+ policies cover a wider range of named perils than an HOA policy and generally cover the Dwelling for Replacement Cost (there are specific conditions under which the dwelling’s roof coverage might be reduced to Actual Cash Value, but those are the exception not the rule). The named perils covered by an HOA+ policy – subject to conditions, limitations and exclusions – are:

1. Fire and Lightning
2. Sudden and Accidental Smoke
3. Windstorm, Hurricane and Hail
4. Explosion
5. Aircraft and Vehicles (unless vehicle damage caused by insured or occupant)
6. Vandalism and Malicious Mischief
7. Riot and Civil Commotion
8. Theft
9. Accidental Discharge or Overflow of Water or Steam within a plumbing, heating or air conditioning system or household appliance
10. Sudden & Accidental Tearing Apart, Cracking, Burning, or Bulging
11. Vandalism and Malicious Mischief
12. Vehicles owned or operated by an insured or by tenant
13. Fall of trees or limbs
14. Weight of Ice, Snow, or Sleet
15. Freezing of plumbing
16. Collapse (subsidence not covered)
17. Landslide (subsidence not covered)
18. Breakage of glass

iMGA HOA+ policies ALSO cover the following (subject to conditions, limitations and exclusions):

1. Water backup
2. Mold remediation
3. Foundation damage

HOB

Customers who qualify for an HOB have the option of buying this broadest coverage policy (though they may not always choose to for cost reasons). The HOB policy generally provides replacement cost coverage on the Dwelling (there are specific conditions under which the dwelling’s roof coverage might be reduced to Actual Cash Value, but those are the exception not the rule). The HOB policy is an “open perils” policy, meaning its language is flipped around and instead of listing the specific perils that are covered, it lists only the things that are NOT covered.

The HOB policy (subject to its conditions, limitations and exclusions) protects your dwelling from all perils EXCEPT FOR:

1. Earth Movement
2. Ordinance or Law (some coverage may be provided in your policy)
3. Water Damage (some coverage provided in your HOB policy)
4. Power Failure
5. Neglect
6. War
7. Nuclear Hazard
8. Intentional Loss
9. Government Action
10. Mechanical Breakdown
11. Collapse (some coverage may be provided in your policy)
12. Patios, footings, floors, roofs, ceilings)
13. Mold, Fungus, or Wet Rot (some coverage may be provided in your policy)
14. Smog, Rust, & Corrosion
15. Smoke from Agricultural Smudging & Industrial Operations
16. Dispersal, Discharge, Seepage of Pollutants
17. Animals own by Insured
18. Birds, Vermin, Rodents, Insects
19. Wear & Tear, Deterioration
20. Settling, Shrinking, Bulging, or Expanding (of bulkheads, foundations, pavement)

iMGA HOB policies also provide specific limited coverage the following (subject to conditions, limitations and exclusions):

1. Water backup
2. Mold remediation
3. Foundation damage

ALL iMGA Homeowners policies also add Personal Injury Liability coverage at no additional charge.

At iMGA we make it easy for you to customize our products to provide the best combination of coverage and price possible for your clients – and our friendly staff is available to answer any questions you may have.

If you’re a Central or West Texas insurance agent and need a market that really understands the Texas personal property market – contact us.