Types of Homeowner Insurance Coverage

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There are eight basic types of homeowner insurance:

HO1 – Basic Form Homeowner Policy

H01s are bare-bones policies that cover a house and its contents against 11 specific disasters, namely: fire (including lightning), hail/windstorm, vandalism, vehicle (including aircraft) crashes, riot damage, volcanoes, smoke, theft, glass breakage and personal liability.

Homeowners are not covered against floods or earthquakes.

HO2 – Broad Form Homeowner Policy

An HO2 policy extends the basic policy to 5 more “named perils.”

HO3 – Special Form Homeowner Policy

HO3 coverage is the most common for single-family homes. Instead of naming the specific perils the policy covers against like HO2 and HO1 policies it excludes the perils for which the homeowner isn’t covered, generally earthquake and flood damage.

HO4 – Renter’s Insurance

Renter’s insurance covers just a tenant’s personal property in the same way that a HO2 or HO3 policy does without extending to the physical structure.

HO5 – Premier Homeowner Policy

H05 is an extension of the HO3 policy, covering the home and its contents under all circumstances unless they are specifically excluded.

HO6 – Condominium Policy

HO6 is the classification for all homeowners insurance policies held by condo owners.

HO8 – Older Houses

HO8 is a specific kind of coverage for a home that would cost far more to replace than its market value.

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