What Are the Different Types of Homeowners Insurance?
Homeowners insurance comes in several types, each offering different levels of coverage. RMH Insurance Group provides homeowners insurance in Middlebury, Syracuse, IN, Elkhart, New Paris, Goshen and surrounding areas.
This is a summary of the main types:
HO-1 (Basic Form): This is the most basic form of homeowners insurance, covering only the most common perils such as fire, lightning, and windstorm. It offers minimal protection and is not widely used today.
HO-2 (Broad Form): This policy provides broader coverage than HO-1. It includes all the perils covered by HO-1 and adds protection for issues like theft, falling objects, and the weight of ice and snow. It covers both the structure and personal belongings.
HO-3 (Special Form): This is the most common type of homeowners insurance. It provides comprehensive coverage for the structure of your home, including protection against all perils except those explicitly excluded in the policy (like earthquakes and floods). It also covers personal belongings but on a named-peril basis (i.e., only those perils specifically listed).
HO-4 (Renters Insurance): Designed for tenants, this policy covers personal belongings against the same perils as HO-2 and HO-3 but does not cover the physical structure of the property (which is the landlord’s responsibility). It also typically includes liability protection.
HO-5 (Comprehensive Form): This offers the most extensive coverage, combining the best features of HO-3 and covering personal belongings on an open-perils basis (all perils except those specifically excluded). It provides broader protection for both the structure and personal belongings.
HO-6 (Condo Insurance): Tailored for condominium owners, HO-6 covers personal property and the interior structure of the unit (e.g., walls, floors), and typically includes liability protection. It may also cover improvements made to the unit.
HO-7 (Mobile Home Insurance): This is similar to HO-3 but designed for mobile and manufactured homes. It covers the structure and personal belongings and offers liability protection.
HO-8 (Older Home Insurance): Specifically for older homes, this policy provides coverage similar to HO-1 but tailored to the needs of older properties. It often covers replacement costs up to a certain limit rather than actual cash value.
Each type of homeowners insurance offers different levels of protection and may include additional options or endorsements, so it’s important to assess your specific needs when choosing a policy.
If you have any questions, please do not hesitate to call us.