Clarke & Sampson Blog

HO3 vs. HO5 Homeowners Insurance

Posted by Scott Jefferson

Jul 19, 2016 8:42:13 AM

Many homeowners operate under the assumption that all homeowners insurance is created equal. A common notion is that as long as the coverage limits match, a policy or quote comparison is "apples to apples." The reality is that that homeowners policies differ substantially even though they may appear to be identical. One major difference between homeowners policies is whether coverage is provided on a HO3 or HO5 form.

 

 

 

 

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Topics: Personal Insurance, Historic Home, Alexandria VA, Homeowners Insurance, HO3 vs. HO5

Caring for Your Historic Home

Posted by Scott Jefferson

Feb 26, 2015 1:58:19 PM

As a home ages, a thorough maintenance program can help you avoid costly repairs. Here are some steps you can take to help reduce the risk of loss in an older home:

• Consult with licensed electrical, plumbing and heating specialists for an initial evaluation, and arrange schedules for routine maintenance. Maintaining and updating essential systems is a critical step in protecting your property.

   


• Older homes often have less insulation. To help prevent pipes from freezing, you can insulate
pipes directly, shut off exterior faucets, and maintain a comfortable heating temperature at
all times. The installation of low temperature sensors tied into the central station alarm
system will detect a problem with the heating system and a drop in interior room
temperature. Should a pipe freeze and burst, there are also products available that detect
water leaks.

• If you will be away from home for an extended period of time, shut off your main
water supply.

• Repairing or re-pointing of mortar walls and chimneys may become necessary when any
of the following conditions are noted: cracked or missing mortar, loose bricks or stones,
damp walls or damaged plaster work. Left unattended, these conditions can lead to severe
water damage and other problems. Regular chimney evaluation and cleaning by a
professional is highly recommended.

• Missing, worn or broken roofing materials may allow water to penetrate and deteriorate the
roof structure. Inspect your roof and flashing around chimneys and skylights periodically,
especially after severe storms. Contact a licensed roofer for further evaluation and repairs.

• If you live in a wooded area, falling leaves may clog the gutters and lead to water backup that
could damage your exterior siding. In late fall, clear gutters and downspouts of leaves and
debris. Downspouts should be directed away from the house to improve drainage around the
foundation.

• Proper ventilation and updated insulation in the attic can not only reduce the potential for
damage or deterioration due to excess moisture, but also reduce energy usage.

• Inspect windows and exterior doors for proper caulking and weather stripping. Check exterior
paint and siding for peeling and/or cracking.

• Regularly inspect decks, terraces and balconies. A deteriorating condition can lead to water
damage of the interior. Uneven, cracked or rotting decks, terraces and balconies can lead to
a personal injury liability hazard.

• Periodically inspect your foundation walls and floors for cracking that might allow water
seepage. Avoid storing valuables in the basement. If your basement is prone to leaks or
flooding, a sump pump is the best defense. Most sump pumps last about 10 years. Follow
the manufacturer’s suggestions for testing and operation. The areas around the pump
should be clear of debris. A battery back-up is recommended to ensure proper operation
during power outages.

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Topics: Personal Insurance, Historic Home, Alexandria VA

HO3 vs. HO5 Homeowners Insurance

Posted by Scott Jefferson

Jan 22, 2014 10:12:00 AM

Many homeowners operate under the assumption that all homeowners insurance is created equal. A common notion is that as long as the coverage limits match, a policy or quote comparison is "apples to apples." The reality is that that homeowners policies differ substantially even though they may appear to be identical. One major difference between homeowners policies is whether coverage is provided on a HO3 or HO5 form.

 

 

 

 

Read More

Topics: Personal Insurance, Historic Home, Alexandria VA, Homeowners Insurance, HO3 vs. HO5

Ten Principles of Historic Property Preservation

Posted by Scott Jefferson

Dec 16, 2013 3:16:00 PM

In the 1989 issue of Historic Preservation, Susan Morse described what she called, "The Do's and Don'ts" for those who have invested their time and resources into restoring historic properties. The list that she compiled is still widely circulated and regularly cited by the National Trust for Historic Preservation. While the list was intended for owners of historic properties, it is also relevant to our work as insurers of historic properties. We'd like to share the ten principles with you, and add some helpful guidance from an insurance and risk management perspective.

 

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Topics: Personal Insurance, Home Security, Historic Home

Understanding Home Replacement Cost

Posted by Scott Jefferson

Dec 12, 2013 8:18:00 AM

Whether you are purchasing coverage for the first time or reevaluating coverage that has been in place for years, every homeowner should understand what "replacement cost" means relative to homeowners insurance. To start, here is a simple definition:

The replacement cost of a home is the cost to rebuild that home exactly as it is now, in its current location, with like kind and quality of materials, in the event of a total loss.

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Topics: Personal Insurance, Historic Home, Alexandria VA

Family Trust Management: Am I Personally Liable?

Posted by Scott Jefferson

Nov 26, 2013 9:30:00 AM

Over the next decade, trillions of dollars will transfer hands through family managed trusts in an effort to preserve and distribute family assets. Generally a volunteer or designated family members act as the managers of the trust. With a sense of duty, the trust manager carries out the tasks at hand with the very best of intentions. Unfortunately, the best intentions don't always result in the desired outcome for each and all. As a result, trust managers are increasingly finding themselves faced with legal suits for alleged breach of duty.

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Topics: Personal Insurance, Personal Liability, Historic Home

Insuring Your Historic Home

Posted by Scott Jefferson

Oct 30, 2013 4:41:00 PM

Whether you live in a revolutionary war era farm home or an early 1930s federal style townhome, it's probably the charm, elegance, and history of the home that you fell in love with. Your home may also have a special place in your heart because, frankly, they just don't make homes like they used to.

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Topics: Personal Insurance, Home Security, Historic Home