Homeowners Insurance Policies
Home insurance is a type of policy that helps protect your home and its contents from unexpected events. However, not all home insurance policies are the same. In this post, we'll outline the different types of home insurance policies and what they cover.
HO-1 Basic Form Homeowner's Insurance Policy: This is the most basic type of homeowner's insurance policy. It covers damage from fire, lightning, windstorm, hail, smoke, explosion, and theft.
HO-2 Broad Form Homeowner's Insurance Policy: This policy is similar to HO-1, but it covers a wider range of perils. It includes all the perils covered under HO-1 and adds coverage for falling objects, damage from the weight of ice or snow, water damage from plumbing or heating systems, and electrical damage to appliances.
HO-3 Special Form Homeowner's Insurance Policy: This is the most common type of homeowner's insurance policy. It covers damage to your home from all perils, except for those specifically excluded in the policy. An endorsement commonly called "Special Personal Property" will give your personal belongings coverage for all perils except those specifically excluded in your policy. Some common exclusions include earthquakes, floods, and acts of war.
HO-4 Tenant's or Renters Insurance Policy: This type of policy is designed for renters. It covers their personal property against damage or theft, liability for any injuries they may cause to others, and additional living expenses if their rental unit becomes uninhabitable.
HO-5 Comprehensive Form Homeowner's Insurance Policy: This is the most comprehensive type of homeowner's insurance policy. It covers damage to your home and personal property from all perils, including those excluded in HO-3 policies. It also includes more coverage for valuable personal property like jewelry and art.
HO-6 Condominium Owner's Insurance Policy: This policy is designed for condo owners. It covers their personal property, liability, and any improvements made to the interior of the unit.
HO-7 Mobile Home Insurance Policy: This type of policy is designed specifically for mobile homes. It covers damage from perils like fire, windstorm, and theft, as well as liability for any injuries to others that occur on the property.
In summary, home insurance policies can vary greatly in terms of what they cover. It's important to carefully review each policy before purchasing to ensure it meets your specific needs and provides adequate protection for your home and personal property.