Common Types of Homeowner

HO-1

This is the most basic of all homeowner's insurance policies and is limited to coverage of your home and its accessory structures, appliances and furnishings. It does not cover personal property insurance, extra living expenses, personal liability insurance, medical payments insurance, etc. The HO-1 type of homeowner's insurance also has strict limitations on the type of risk, so it is generally not offered by most home insurance companies. However, if your property is of limited value and is not your primary residence, then HO-1 may be an option.

HO-2

Like HO-1, HO-2 is a named risk policy, but with more types of risks named than HO-1. It covers your home and your personal property, and in some cases HO-2 may also include liability coverage, which you can check with your insurance company about. Although referred to as "broad coverage," HO-2 policies are not the standard policy choice for most people.

HO-3

This is the standard policy choice for the vast majority of people and is the most common type of homeowner's insurance. It covers your home, personal property, additional living expenses, liability and medical expenses. It will provide open coverage for your home, protect you from all catastrophes except those required by your policy, and can provide more comprehensive coverage for your home. However, it still limits the type of risk in terms of personal property.

HO-4

Can be referred to as renters insurance, this type of insurance coverage does not include the home and its accessory structures. An insured HO-4 policy covers 16 specific risks, and your insurance company will pay you if your personal property is damaged by one of these risks. Additional living expenses and liability coverage may be included in addition to this. For people who use a rental apartment, condominium or house as their personal residence and want to insure their personal belongings.

HO-5

This type of homeowner's insurance is the most comprehensive option, covering your home and its attached structures, personal belongings, liability, extra living expenses, and medical payments, and it will provide open coverage for your home. It will be relatively expensive, but if you have a lot of valuables, then it will be a good choice.

HO-6

This is a type of homeowner's insurance specifically for condo owners, also known as condo insurance. Like standard homeowner's insurance, condo insurance protects you from financial hardship if your condo and its contents are damaged. Condo insurance can also provide a claim if someone else is injured in your condo.

HO-7

This type of insurance is available for mobile homes or mobile homes. It covers the structure of your home, your personal belongings, liability, extra living expenses and medical expenses.HO-7 is a named risk policy, which means that your personal belongings are only protected in certain circumstances.

HO-8

For homeowners who have older homes or homes that are difficult to replace, including some historic buildings and the like. HO-8 is also a good option if the price of restoring your home is higher than its current value.