Insider Secrets You Must Know Understanding Homeowners Insurance Coverage

Types of Homeowners Insurance Coverage

There are several types of homeowners insurance policies, each offering varying levels of protection. The most common types include:

• HO-1: This is a basic policy that covers a limited number of perils such as fire, theft, and vandalism.
• HO-2: Known as the "broad form," this policy covers more perils than HO-1, including falling objects and water damage from plumbing.
• HO-3: The most popular policy, it offers comprehensive coverage for your home and personal property against all perils, except those specifically excluded.
• HO-5: Similar to HO-3 but with fewer exclusions and higher coverage limits for personal property.
• HO-6: Designed for condo owners, covering personal belongings and interior walls.
• HO-8: Tailored for older homes, covering the cost to repair or replace damage with materials of similar quality.