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
Meryl Diamond
While I was born and raised in Brooklyn, New York, I have spent the last 27 years living in the Lisle and Naperville area. The first single family home my husband and I ever owned was in Green Trails, Lisle. There were two things we loved about living in Green Trails - the sense of community and all the green space. This was a dream come true for my children who always had a friend to play with or a babysitter near by. For me, it gave me a chance to get to know the neighbors whom I have built lifelong friendships with. From neighborhood garage sales to summer barbeques, we always found reason to come together.
