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Dorms and Homeowners Insurance
Are your student's possessions covered by your homeowners insurance policy, even while they're living in a dorm? Find out the answer and get coverage here.
Off-Property Accident Insurance
When accidents occur away from the home, you may need additional coverage. Find out more about this coverage and how to get it right here.
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Homeowners Liability Insurance
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Homeowners Insurance Coverage Types Explained
There are many types of homeowners insurance policies, from an HO-1 home insurance policy to an HO-8. Here's a breakdown of each type of policy to help you understand which one is best to protect your property.
HO-1 Home Insurance
As the most basic form of homeowners insurance, an HO-1 policy offers bare-bones coverage for your home's structure. It typically designates 10 named perils for which it will cover losses (e.g., fire, hail, theft, and more).
HO-1 policies only offer dwelling and other structures coverage; they do not provide personal property coverage, liability coverage, or additional living expenses coverage.
Claims are typically paid out on an actual cash value basis (with depreciation).
HO-2 Home Insurance
Known as "broad form" home insurance, an HO-2 policy offers more coverage than an HO-1. An HO-2 typically covers 16 named perils.
HO-2 policies also provide other structures coverage, personal property coverage, liability coverage, loss of use coverage, and medical payments coverage. Claims are paid on an actual cash value basis.
HO-3 Home Insurance
Known as "special form" or "all-perils" home insurance, this is the most common type of home insurance because it provides much broader protection than an HO-1 or HO-2 policy. It covers all perils unless specifically listed as an exclusion in the policy. Commonly excluded perils include natural flood damage, intentional or malicious acts, pest and insect damage, and more.
HO-3 policies provide dwelling and other structures coverage, as well as personal property coverage, liability coverage, loss of use coverage, and medical payments coverage.
HO-4 Home Insurance
Known otherwise as renters insurance, this is a type of home coverage for folks who rent a house, townhome, or apartment. Renters insurance covers your personal belongings, as well as personal liability and additional living expenses.
Coverage for the home's structure or dwelling is not included in an HO-4 policy because the landlord is responsible for insuring the structure.
HO-5 Home Insurance
Known as a "comprehensive policy," this type of home insurance provides the most coverage possible for home structures and contents. All incidents are covered except for those specifically listed as exclusions, and the exclusions listed are identical to an HO-3 policy's exclusions.
Many homeowners prefer this coverage because it pays out the replacement cost of damaged items, rather than actual cash value. HO-5 policies also cover personal liability, loss of use, and medical payments to others.
HO-6 Home Insurance
Known as "walls-in" coverage, this type of home insurance is designed for folks who live in condos or co-ops. Condo insurance provides coverage for your walls, floors, and ceilings, as well as your personal belongings, loss of use, liability, and medical payments to others.
HO-6 policies also cover renovations you make to your condo after purchasing it. It's critical to ensure that your condo insurance fills any gaps in your condo association's master policy when you're shopping for coverage.
HO-7 Home Insurance
Known as "mobile home insurance," this type of coverage is designed for owners of mobile homes, modular homes, sectional homes, and trailers that they live in full-time. It operates similarly to HO-3 coverage in that it provides coverage for listed perils that affect the home's structure or your personal belongings.
These policies only provide coverage for stationary mobile homes, however, and will not cover mishaps that occur while the structure is being transported.
HO-8 Home Insurance
These policies are designed for historic or older homes and even registered landmarks that are more than 40 years old. Specialty coverage through HO-8 insurance is available because older homes tend to cost more to rebuild than their current market value.
This coverage only includes 10 specifically listed perils that can impact your home's structure or your personal belongings (e.g., fire, lightning, riot, etc.). HO-8 policies also cover loss of use coverage as well as medical payments to others and personal liability.
If you have further questions about which type of home insurance policy would best meet your needs, an independent insurance agent can assist you.
