With all the different types of homeowners insurance, the process of choosing a policy can be confusing.
To help, here’s a basic guide to some major types of insurance policies.
What is an HO-1 home insurance policy?
HO-1 insurance is the simplest of policies offered. It only covers your home structure and a few home features.
It also covers attached structures such as garages and patios. This policy offers funding in the case of storms, fire, wind damage, theft and a few other peril categories.
HO-1 insurance doesn’t cover personal belongings, however. So if your computer or furniture is damaged during a storm, replacement cost would need to be covered by another policy.
What is an HO-2 home insurance policy?
An HO-2 insurance policy offers a wider range of coverage. It provides financial security to home structure and personal property.
What are HO-3 home insurance policies?
An HO-3 home insurance policy is the most common homeowners insurance type. In addition to coverages seen with HO-1 and HO-2 policies, it covers additional items. These include liability, payments for medical bills and living expense stipends.
What is HO-4 Renters Insurance?
HO-4 is a policy offering protection to the personal property of individuals renting a space. It is not technically a homeowners insurance policy, but important for renters to have.
Consider your home needs when purchasing homeowners insurance. Protect your property and belongings with the right insurance.
About the Author
Paul Bull
I was born, raised, educated and have worked in the Treasure Valley my entire life. My family has been in the Real Estate business here for over 50 years. I make it a point to stay very familiar with real estate and property in all of the valley, as well as the backcountry and mountain areas. My special points of expertise are in Residential, Investments & Rental Properties, along with Farms and Land. With over 35 continuous years of sales experience, I have the tools to help you either sell your current real estate or purchase something new. My number one concern is your satisfaction and happiness with your entire real estate experience.
