Homeowners insurance provides coverage for potential damages and losses that may occur to your property. However, not all policies are created equal. Different types of homeowners insurance policy forms are available, each offering varying levels of coverage. This article will explore the most common types of homeowners insurance policies and their key features.
- HO-1: Basic Form Policy
The HO-1, or Basic Form Policy, is the most limited type of homeowners insurance coverage. It typically covers damages caused by specific perils, such as fire, theft, vandalism, lightning, and windstorm. This basic policy form does not cover personal liability or additional living expenses. While the HO-1 policy may be the most affordable option, it offers the least protection.
- HO-2: Broad Form Policy
The HO-2, or Broad Form Policy, offers a more comprehensive coverage range than the HO-1 policy. It covers a broader list of perils, including those covered under the HO-1 policy and additional risks such as falling objects, the weight of ice or snow, freezing pipes, and accidental water damage. However, like the HO-1 policy, it does not provide personal liability coverage or coverage for additional living expenses.
- HO-3: Special Form Policy
The HO-3, or Special Form Policy, is the most common type of homeowners insurance policy. It covers your dwelling and other structures on your property against all perils except those expressly excluded in the policy. This means that unless a peril is explicitly stated as not covered, it is assumed to be covered under the HO-3 policy. Additionally, the HO-3 policy includes personal liability coverage and coverage for additional living expenses.
- HO-4: Renters Insurance
The HO-4, or Renters Insurance, is designed specifically for tenants who do not own their property. It provides coverage for personal belongings, personal liability, and additional living expenses in the event of a covered loss. Renters insurance offers valuable protection against risks such as theft, fire, or vandalism and is generally affordable and easy to obtain.
- HO-5: Comprehensive Form Policy
The HO-5, or Comprehensive Form Policy, is a high-level coverage option that offers broader protection than the HO-3 policy. It covers your dwelling, personal belongings, and other structures on your property against all perils unless expressly excluded. The HO-5 policy is often referred to as “open perils” or “all-risk” coverage. It also includes personal liability coverage and coverage for additional living expenses.
- HO-6: Condo Insurance
The HO-6, or Condo Insurance, is designed for condominium owners. Condo insurance covers personal belongings, personal liability, and any improvements or alterations made to the unit. It also covers damage to the unit’s interior and covers additional living expenses. The master policy held by the condo association typically covers the building structure itself.
Discover Your Perfect Policy with Isu Wissink Insurance!
Choosing the right homeowners insurance policy protects your home and assets from potential risks. Understanding the different types of homeowners insurance policy forms will help you make an informed decision. To find the right homeowners insurance policy for your specific requirements, contact us at Isu Wissink Insurance. You can also call us directly at 310.390.3318. Our team can guide you through the options, help you make the best choice for your home, and provide peace of mind.