Home Coverage Types
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Cabins need a special form of coverage all their own. Get matched with an independent insurance agent to find the cabin coverage you need right here.
Townhouses are a unique type of property and require a special form of coverage. Find out more helpful info about getting this coverage here.
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.
Home repairs are a fact of life, and you need to make sure you have the right amount of coverage for them. Get that here.
Homeowners Liability Insurance
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Replacement Cost vs. Actual Cash Value
What is the difference between replacement cost coverage and actual cash value coverage, and why does it matter? Find out here.
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Do you rent your property out to third parties? If so, you'll need a special form of coverage. You can find out more about it here.
Homeowners Insurance Coverage Types Explained
Wondering what the difference is between an HO-1 home insurance policy vs. an HO-2 or even an HO-8? Here's a breakdown of each type of homeowners insurance for your reference.
HO-1 Home Insurance
Known as "basic form" home insurance, it offers bare-bones coverage for your home's structure. Claims are paid out only if a specific listed peril (e.g., fire, explosion, hail, etc.) takes place.
These policies have shorter lists of covered perils than other types of home insurance, capped at 10 instead of 16. Claims are typically paid out at actual cash value rather than replacement cost.
HO-2 Home Insurance
Known as "broad form" home insurance, these policies include more coverage than HO-1s. More listed perils are covered than in an HO-1 (e.g., the weight of snow and ice, frozen pipes, etc.), as well as coverage for additional structures, your personal property, liability, loss of use, and medical payments to others. Claims are also paid out at actual cash value in HO-2 policies.
HO-3 Home Insurance
Known as "special form" home insurance, this is the most common type of home insurance because it provides coverage for not only your home's structure and contents but also for personal liability, loss of use, and medical payments to others.
It provides much broader coverage than HO-1 or HO-2 policies because an incident is covered unless the peril is specifically listed as an exclusion on your policy. Commonly excluded perils are natural flood damage, intentional or malicious acts, pest and insect damage, etc.
HO-4 Home Insurance
Known as renters insurance, this is a type of home coverage for folks who rent a house, townhome, or apartment. This type of coverage protects only your contents, or personal belongings, as well as personal liability and additional living expenses. The home's structure or dwelling is not included in HO-4 coverage because the landlord's policy would be responsible for this.
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.
This coverage is preferred by many homeowners because it pays out the replacement cost of damaged items, rather than actual cash value. Personal liability, loss of use, and medical payments to others are also covered by HO-5 policies.
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.
But 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 amount.
Only 10 specifically listed perils that can impact your home's structure or your personal belongings are included in this coverage (e.g., fire, lightning, riot, etc.). Loss of use coverage, as well as medical payments to others and personal liability, are also covered in HO-8 policies.
If you have further questions about which type of home insurance policy would best meet your needs, an independent insurance agent can assist you.
https://www.forbes.com/advisor/homeowners-insurance/policy-types/