Home Owners Insurance
Types of Home Owners Insurance
Homeowners Insurance is form of insurance protection that covers losses and damages to an individuals house and to their person assets within the home. Homeowners insurance also provides liability protection against accidents in the home or at the property.
HO-1 Basic Form
HO-1 Will Protect you against the following:
Fire or smoke, Explosions, Lightning, Hail and windstorms, Theft, Vandalism, Damage from vehicle, Damage from aircraft, Riots and civil commotion, Volcanic eruption
HO-2 Broad Form
HO-2 will cover all perils in HO-1 Including
Falling objects, Weight of ice, snow, or sleet, Freezing of household systems like AC or heating. Sudden and accidental tearing apart, cracking, burning, or bulging of pipes and other household systems. Accidental discharge or overflow of water or steam. Sudden and accidental damage from artificially generated electrical current.
HO-3 Special Form
Ho-3 is the most common of all the forms.
The Special Form includes all perils in HO-2 also includes any direct damage to the house or other structures on the property unless specifically excluded.
HO-4 Tenants Form
Ho-4 is also known as the renters insurance.
Ho-4 will protect the belongings and personal liability of the renter. It does not protect the structure of the dwelling.
HO-5 Comprehensive Form
Ho-5 is very similar to the special form as it protects you for everything unless excluded.
Some things typically excluded are:
Earth movement (like an earthquake, landslide, or mudslide, Floods, water damage.
Damage from or infestation of birds, vermin, rodents, and insects. Neglect, deterioration, and general wear-and-tear
Settling, shrinking, bulging, or expanding of your home's foundation. Your pets and other animals
Mold, fungus, and rot, intentional loss
War, government action, and nuclear hazard
Ordinance or law, smog and corrosion
HO-6 Condo Form
HO-6 form is also known as condo insurance.
It will extend coverage to the walls, floors and ceilings too. It also includes belongings and personal liability. Everything else is generally covered under the homeowners association.
HO-7 Mobile Home Form
The HO-7 form is similar to the HO-3 form but its is designed for mobile homes or manufactured homes.