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Types of Home Insurance

There are seven basic homeowners insurance packages on the market, the HO standing for Home Owners:

  • Basic form (HO-1). As the name suggests, this type of policy is the most basic type. It covers 11 types of damage or losses to the house, structure and the inside (and your personal belongings): aircraft, wind/hail, explosion, riots/civil unrest, fire/lightning, vehicles, volcano eruptions, vandalism, theft, smoke, and self-damaging instances (part of building falls on itself, etc.).
  • Broader form (HO-2). This type of policy covers everything in the HO-1 in addition to 6 more coverage areas, which are damage caused by ice, sleet, power outages or surges, malfunction of plumbing, AC, heating and other domestic systems, etc. It does not cover damages from TV or radio tubes. HO-2 is especially good to those who live in areas where there is frequent snow.
  • Special (HO-3). This type of policy quotes has the most structure coverage protection of the above two. It generally covers all damage except that from war, nukes, floods, earthquakes and similar events.
  • Renter's insurance (HO-4). This type of policy is for those who rent in either a home, apartment or cooperative living structure. This is personal property homeowners insurance and protects against most all events covered by HO-2 and HO-3.
  • Comprehensive Form (HO-5). This type of policy is the most expensive because, again as the name suggests, it is the most thorough. It covers damage from practically everything except earthquakes, wars and floods. Some insurance companies do not provide this type of homeowners insurance. Instead, they add a rider or a supplement to a HO-3 insurance, which may come at a very good price.
  • Condominium Owner's Policy (HO-6). Because condominium owners share the cost of public grounds with other members of their condo association, there is a special type of homeowners insurance for them. It covers the inside of the condo and what's inside of it. Structural insurance should be provided by the condo association.
  • Older Homes policy (HO-8). This policy is designed for older homes with historic value. Coverage includes protection from the basic 11 disasters described for HO-1. Under this plan, coverage is limited to repairs or cash values of the items involved. The rebuilding/replacement cost is not covered in this, because some aspects of the home (historic significance) can make these costs higher than current market value.

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