HO-3 Wind Product
- Covered Peril is Windstorm or Hail
- Year Built 1945 and later
- Coverage A Dwelling issued at 100% Replacement Cost!
- Occupancy types are Primary, Seasonal, Secondary, Tenant, Vacant, Unoccupied
- Hurricane Deductible options include 2%, 3%, 5% & 10%
- Wind/Hail Deductible options include $1000, $2500, $5000
- Ordinance or law (building ordinance) issued at 25% of Coverage A
- Quote, Bind, Pay and Policy Issuance can be processed same day
- Renewals can be paid online
- Claim Services are available 24 hours a day, 7 days a week!
- 24/7 Online Access to Policy Documents and Payment Information
Texas HO-3 Wind Coverage Details:
- Coverage A - Dwelling
- Minimum $100,000
- Maximum $600,000 New Business
- Maximum $650,000 Renewal
- Coverage B - Other Structures
- The Other Structures coverage is issued at 10% of Coverage A with available options to decrease to 2% or 5%.
- Coverage C - Personal Property
- Owner Occupied Personal Property is issued at 50% of Coverage A with the option to decrease to 25%; tenant and vacant occupancies are issued at 5%.
- Coverage D - Loss of Use
- Loss of Use issued at 10% of Coverage A.
This policy is intended to be sold with a standard homeowners insurance policy which has excluded the peril of hurricane and windstorm. Careful analysis must be performed to identify any coverage gaps which may occur between unique forms covering the same dwelling.
Wind Cancellation Restrictions: Due to the seasonal nature of wind exposure, an insured's right to cancel is limited to only a narrow set of circumstances. Otherwise, as a general rule, an insured may not cancel the policy after inception. The policy can only be cancelled (with satisfactory evidence provided to GeoVera Specialty) in the following circumstances, in which case unearned premium (that is, a pro rata refund) will be refunded to the insured:
- Duplicate coverage exists with another company and satisfactory evidence is provided within the initial 30 days of this policy term;
- The property is sold;
- The insured is deceased;
- There is a total loss to the property; or
- GeoVera Specialty determines that the property is no longer insurable under its program guidelines.
Coverages and exclusions differ by carrier and by state. Specific concerns can be discussed with an underwriter.