To help, we have put together an essential homeowners insurance guide for:
- HO-1 Basic Coverage.
- HO-2 Coverage on a Named Peril Basis.
- HO-3 Covers the home’s structure, personal belongings, liability damage, or injury.
- HO-4 Renter’s Insurance.
- HO-5 Comprehensive Coverage.
- HO-6 Condo Insurance.
What is an HO-1 homeowners’ insurance policy?
HO-1 insurance is the most straightforward policy offered. It is limited, covering your home structure and a few additional home features. It covers attached structures. Structures include garages and patios. This policy offers funding for storms, fire, wind damage, theft, and other peril categories.
HO-1 insurance doesn’t cover personal belongings. What happens if damage happens to your computer or furniture during a storm? You will need another policy that covers personal belongings replacement costs.
What is an HO-2 home insurance policy?
An HO-2 insurance policy offers financial security to your home’s structure and personal property.
What is an HO-3 homeowner insurance policy?
The HO-3 home insurance policy is the most common homeowners insurance type. HO-3 goes on top of what HO-1 and HO-2 policies cover. It covers more items than HO-1 and HO-2 policies. These include liability, medical bill payments, and living expense stipends.
What is HO-4 Renters Insurance?
HO-4 offers protection to personal property for those renting. It is not a homeowners insurance policy. It is important for renters to have.
What is HO-5 Homeowners Insurance?
HO-5 covers more than HO-3 insurance. HO-5 home insurance policy covers personal belongings on an open peril basis. Make note! There are exceptions to these policies. Review the details with your insurance agent on what is and is not covered.
What is HO-6 Insurance?
HO-6 is only for condo and co-op insurance. Coverage is there for what your association does not cover. Different insurance companies have varying types of coverage. Make sure to understand the details and exceptions.
What is the Right Homeowner’s Insurance Policy?
There is no one-size-fits-all. Whether you own a home, rent, or have a condo, review all your options. Consider your home needs. See how each type of homeowners insurance coverage applies to your home. Take your time selecting protection for your property and belongings.