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Insurance Coverage Tips > Insurance > Types Of Homeowners Insurance
Types Of Homeowners Insurance
There are six kinds of homeowners insurance in general and consistent use. Each is summarized below:
HO-1 = A limited policy that offers varying degrees of coverage but only for items specifically outlined in the policy. These might be used to cover a valuable object found in the home, such as a painting.
HO-2 - Similar to HO-1, HO-2 is a limited policy in that it covers specific portions of a house against damage. The coverage is usually a "named perils" policy, which lists the events that would be covered. As above, these factors must be spelled out in the policy.
HO-3 - This policy is the most common written for a homeowner and is designed to cover all aspects of the home, structure and it contents as well as any liability that may arise from daily use as well as any visitors who may encounter accident or injury on the premises. Covered aspects as well as limits of liability must be clearly spelled out in the policy to insure proper coverage. The coverage is usually called "all risk".
HO-4 - This is commonly referred to as renters insurance. Similar to HO-6, this policy covers those aspects of the apartment and its contents not specifically covered in the blanket policy written for the complex. This policy can also cover liabilities arising from accidents and intentional injuries for guests as well as passers-by up to 150' of the domicile. Very low in cost and high in coverage, this is a highly recommend policy for anyone renting an apartment.
HO-5 - This policy, similar to HO-3, covers a home (not a condo or apartment), the homeowner and its possessions as well as any liability that might arise from visitors or passers-by. This coverage is differentiated in that it covers a wider breadth and depth of incidents and losses than an HO-3.
HO-6 - Also known as a Condominium Coverage, is a form of supplemental homeowner's insurance. It is designed especially for the owners of condos. It includes coverage for the part of the building owned by the insured and for the property housed therein of the insured.
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