Understanding the differences between an HO-3 and HE-7 homeowners insurance policy is essential when choosing the right coverage for your home in North Carolina. While both policies offer protection for your property, they differ in the extent of coverage and exclusions. See the chart below to see some ways how these policies differ.
ERIE HO-3 vs. HO-7 Coverage Comparison
Coverage Highlights | HO 00 03 (Ed. 10/00) Special Form | HE 07 21 (Ed. 1/04)-Extended Coverage |
---|---|---|
Section I – Dwelling | Replacement Cost Comprehensive Perils | Guaranteed Replacement Cost Comprehensive Perils |
Section I – Other Structures | 10% Coverage A Comprehensive Perils | 20% Coverage A Comprehensive Perils |
Section I – Contents and Special Limitations | ACV**, Named Perils, 50% of Coverage A; 70% if RCV*** Endorsement is added | RCV***, Comprehensive Perils, 70% of Coverage A |
Money | $200 | $1,000 |
Securities | $1,500 | $5,500 |
Watercraft | $1,500 | $2,500 |
Trailers | $1,500 | $3,500 |
Business Property On and Off Premises | $2,500/$500 | $5,000/$1,500 |
Theft of Jewelry | $3,000 | $1,500/item, $5,500 Per loss* |
Theft of Firearms | 10% of Coverage C up to $10,000 | $10,000* |
Theft of Silverware | 25% of Coverage C up to $10,000 | $10,000* |
Credit & Debit Card; Counterfeit Money | $500 | $5,000 |
Loss of Use | 20% of Coverage A; Increased Living Expenses; Fair Rental Value; Comprehensive Perils | 20% of Coverage A; Increased Living Expenses; Fair Rental Value; Primary Mortgage Expense; Comprehensive Perils |
Section I | ||
Ordinance or Law | 10% of Coverage A | Up to the Coverage A Limit of Liability |
Collapse | Included | Included |
Fungi, Bacteria, Rot | $5,000 | $5,000 |
Loss Assessment | $1,000 | $5,000 |
Land Replacement and Restabilization | Excluded | $10,000 |
Debris Removal | Reasonable Expense | Reasonable Expense |
Trees/Plants | 5% of Coverage A; $500 per item; limited, named perils | 5% of Coverage A; $1,000 per item; limited, named perils |
Fire Dept. Charges | $500 | $1,000 |
Refrigerated Goods | $500 | $500 |
Sewer Back-up | None | $50,000 |
Grave Markers | $5,000 | $5,000 |
Lock Replacement | None | $500 |
Fraud Information Reward/Theft Information Reward | None | $2,500/$5,000 |
Section II | ||
Personal Liability | BI and PD $100,000 Minimum | BI and PD plus Personal Injury $100,000 Minimum |
Medical Payments | $1,000 Minimum | $1,000 Minimum |
Damage To Property Of Others | $1,000 | $1,500 |
Loss Assessment | $1,000 | $5,000 |
$ Amounts are all preceded by “up to”; *includes misplacing and losing; **ACV means actual cash value (replacement cost minus depreciation); ***RCV means replacement cost; comprehensive means that causes of loss are subject to the policy exclusions and any internal policy limits.