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With all the different types of homeowners insurance, the process of choosing a policy can be confusing.

To help, here’s a basic guide to some major types of insurance policies.

What is an HO-1 home insurance policy?

HO-1 insurance is the simplest of policies offered. It only covers your home structure and a few home features.

It also covers attached structures such as garages and patios. This policy offers funding in the case of storms, fire, wind damage, theft and a few other peril categories.

HO-1 insurance doesn’t cover personal belongings, however. So if your computer or furniture is damaged during a storm, replacement cost would need to be covered by another policy.

What is an HO-2 home insurance policy?

An HO-2 insurance policy offers a wider range of coverage. It provides financial security to home structure and personal property.

What are HO-3 home insurance policies?

An HO-3 home insurance policy is the most common homeowners insurance type. In addition to coverages seen with HO-1 and HO-2 policies, it covers additional items. These include liability, payments for medical bills and living expense stipends.

What is HO-4 Renters Insurance?

HO-4 is a policy offering protection to the personal property of individuals renting a space. It is not technically a homeowners insurance policy, but important for renters to have.

Consider your home needs when purchasing homeowners insurance. Protect your property and belongings with the right insurance.

Tag: Insurance Tips