Types of Homeowner’s Insurance

There are a number of policy types within the realm of Homeowner’s insurance. Knowing the right policy for you can take some research, but can be made easier with the help of a knowledgeable insurance agent. In the meantime, read the following to learn more about common homeowner’s insurance policies.

HO-1 –Basic Form Policy

The HO1 policy is the most basic of homeowner’s insurance policies. This policy will provide your dwelling, detached structure and personal property with coverage against a number of specific perils. Perils that are covered by this homeowner’s insurance policy include: fire or lightning, vandalism or malicious mischief, windstorms or hail, damage from aircraft or other vehicles, explosions, glass breakage, volcanic eruption, smoke and personal liability.

HO-2 –Broad Form Policy

The HO-2 policy consists of coverage for all of the perils listed in the HO-1 policy, as well as a number of additional perils including: fallen objects, snow, frozen or discharged water from plumbing, air conditioning, heating, and damage  from electrical surge. 

HO-3 –Special Form Policy

This homeowner’s insurance policy is one of the most all-inclusive of all single family home policies. The HO-3 policy, which is most often purchased, includes protection from any peril aside from a few excluded ones. Exclusions can differ depending on the policy and should be researched accordingly.

HO-4 Renter’s Insurance Policy

The HO-4 policy covers tenant property within their building, but not the building itself. The HO-4 insurance policy will typically cover the same perils as the HO-2 policy. Like with any policy though, it is important to look into all of the coverages included in your homeowner’s insurance policy.

HO-5 Premier Homeowner Policy

The Premier Homeowner policy is even more comprehensive than the HO-3 Special Form Policy in that your property is covered by all perils other than ones that are excluded from the policy. This gives your property great coverage and the ability to simply see what isn’t covered in your homeowner’s insurance policy.

HO-6 Condominium Insurance Policy

Similar to the HO-4 Renter’s insurance policy, the HO-6 will cover an individual’s property within their condominium unit. Insurance for the actual building should be taken care of by the condominium association policy. 

HO-8 Older Home Policy

The Older Home policy is meant for older homes with some historical significance. The coverage included with this policy will be determined on the market value of the house, cost for repairs etc. 

While this is a basic explanation of the types of homeowner’s insurance policies available to you, they are all subject to fluctuation and should be researched. It is also highly recommended that you contact a certified professional that can help you through the process of exploring the many homeowner’s insurance policies available to you.


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