Homeowner’s policies provide essential protection for your dwelling, possessions, and liability. In addition, it will cover some injuries on your property such as dog bites as well as cover any lost income should your displacement occur.
Your premium will depend on a range of factors, including square footage and credit score. You can reduce risk by installing a security system or increasing the deductible amount; additionally, add-on coverages may include flood and earthquake protection. If you need more data than what is highlighted below, check out this great article from Cinch Home Services on home warranty vs. home insurance for home owners.
HO-1 Policy
An HO-1 policy is the basic form of home insurance coverage available, providing only limited protection against named perils, but lacking liability or broad peril coverage as found in HO-3 or HO-5 policies.
An HO-1 policy does not provide personal property coverage or payout for additional living expenses, while mortgage lenders typically require home insurance that meets a higher standard than an HO-1 policy. An HO-8 policy can be used for homes registered as landmarks or otherwise considered historic properties.
HO-3 Policy
This policy offers comprehensive protection for your dwelling, personal property and liability needs. HO3 policies differ by offering open perils coverage for the latter two aspects – open perils for dwellings while named perils on personal properties are more often offered here.
HO-3 policies typically cover your dwelling against damage caused by all forms of natural disaster, with the exception of floods and earthquakes (Coverage A). Furthermore, they do not offer coverage against ordinance updates, mudslides or government seizures.
HO-3 home insurance provides extra living expenses if your house is damaged by one of the covered perils (Coverage D). Furthermore, this coverage can protect you in case someone sues over injuries sustained on your property or any property damage occurring while under its jurisdiction.
HO-5 Policy
Homeowners insurance can be an intricate topic, leaving homeowners confused by its coverages and restrictions. Independent agents can make the process simpler by providing educational tools to clients and helping them locate an adequate homeowners policy for them.
HO-5 policies offer the highest level of home protection available on the market, covering open perils for your structure as well as named perils for personal property and replacing cost claims settlements whereas standard HO-3 policies only offer actual cash value protection.
HO-6 Policy
Homeowner insurance policies that focus on structural elements of houses such as an HO-3 or HO-5 policy typically cover only dwelling. Condo insurance, known as an HO-6 policy, typically provides coverage for dwelling, personal property, temporary living expenses, liability assessments and loss assessments.
Dwelling coverage covers repairs or replacement of interior components in your condominium, while personal property coverage protects belongings against theft and damage. Liability coverage assists with medical bills incurred as a result of injuries to guests within your home.
HO-7 Policy
HO-7 policies are mobile home specific policies offering protection for dwelling, personal property, liability and additional living expenses.
Open-peril policies provide protection for both mobile homes and personal property, including replacement value coverage of your mobile home. They’re often used as secondary or vacation properties; historic or registered landmark dwellings might require such policies; these are more costly than standard HO-3 policies.
HO-8 Policy
HO-8 policies are tailored towards homeowners who don’t qualify for other policy forms due to issues like outdated plumbing or wiring which make the home hard to insure.
These homes often incorporate outdated building materials and intricate features that cannot be replaced at their original cost. An HO-8 insurance policy typically offers depreciation coverage which provides actual cash value coverage; this may be your best choice in protecting such homes.
HO-9 Policy
Single-family homeowners tend to favor HO-3 and HO-5 insurance policies as the go-to choice, since these “special form” policies cover your house and belongings to their actual cash value as well as structures on your property such as fences or sheds.
Other home policies exist specifically to cover specific kinds of properties like condominiums and mobile homes, making choosing an Insurify policy tailored specifically for you a daunting challenge. We make selecting your policy easy. With eight forms to choose from and eight distinct policies available for purchase.
HO-10 Policy
As with HO-3 policies, these policies provide all-risk coverage for both your home and personal property – but unlike their HO-3 counterparts they cover your possessions at their actual cash value rather than replacement cost.
There are eight different forms of homeowners insurance policies. Your decision depends on the type of property and level of protection required.
