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This is the most basic and limited type of homeowners insurance policy. Provides coverage for a narrow range of perils, such as fire, lightning, windstorm, hail, explosion, vandalism, and theft. HO-1 policies are not widely available, and most insurers offer more comprehensive coverage options. Offers coverage for a broader range of perils compared to HO-1 policies. Typically includes coverage for the perils listed in HO-1 policies, plus additional perils such as falling objects, weight of snow or ice, freezing of household systems, and accidental water damage. HO-2 policies provide more comprehensive coverage but may still have limitations compared to more advanced policies. The most common type of homeowners insurance policy and provides broad coverage for your home and personal belongings. Covers your home's structure against all perils except those specifically excluded in the policy, such as earthquakes and floods. Personal belongings are typically covered on a named-perils basis, meaning they're only covered for specific perils listed in the policy. Designed for renters who do not own the property they live in but want to protect their personal belongings. Provides coverage for personal belongings, liability, and additional living expenses in case the rented property becomes uninhabitable due to a covered peril. Does not cover the structure of the rented property, as that is the landlord's responsibility. Offers the most extensive coverage for both your home and personal belongings. Provides coverage for your home's structure against all perils except those specifically excluded, similar to HO-3 policies. Personal belongings are covered on an open-perils basis, meaning they're covered for all perils except those specifically excluded in the policy. Designed for condominium owners and provides coverage for the interior structure of the condo unit, personal belongings, liability, and additional living expenses. Typically, the condo association's master policy covers the exterior structure and common areas of the condominium complex. HO-6 policies fill in the gaps left by the master policy, providing coverage for the condo unit owner's personal property and liability. Specifically tailored for mobile or manufactured homes and provides coverage for the structure, personal belongings, liability, and additional living expenses. Similar to HO-3 policies but designed to meet the unique needs and risks associated with mobile homes. Designed for older homes with historic or unique features that may not qualify for standard homeowners insurance. Provides coverage for the actual cash value of the home and personal belongings, which considers depreciation, rather than the replacement cost. HO-8 policies may have limited coverage options and higher deductibles compared to standard policies. When choosing a homeowners insurance policy, it's essential to assess your coverage needs, budget, and risk factors to determine which type of policy is best suited to protect your home and personal property. Consider working with an insurance agent or broker to explore your options and find the right coverage for your specific situation.1. HO-1 (Basic Form):
2. HO-2 (Broad Form):
3. HO-3 (Special Form):
4. HO-4 (Tenant's or Renters Insurance):
5. HO-5 (Comprehensive Form):
6. HO-6 (Condo Insurance):
7. HO-7 (Mobile Home Insurance):
8. HO-8 (Older Home Form):
Understanding Homeowners Insurance Types
Homeowners insurance policies typically come in several different types, each offering varying levels of coverage to protect your home, personal belongings, and liability. Here are the main types of homeowners insurance policies:
