Homeowners insurance, also called home insurance, is crucial to protect your investment in your home, but finding the right policy can be challenging. Your insurance needs are unique to your property and circumstances. For this reason, the coverage that your friends and family have won’t necessarily be the right coverage for you.
Your Homeowners Insurance Options
There are eight types of homeowners insurance forms. Before you begin searching for insurance, it may be beneficial to understand your coverage options. The exact details of homeowners insurance policies vary; however, below is a general overview of the policy forms:
- HO-1 policies provide basic and limited coverage for structural aspects of your home, such as the roof and foundation.
- HO-2 policies provide coverage for structural aspects of your home and its contents. They may also provide personal liability coverage in some cases.
- HO-3 policies provide coverage for the structure of your home, its contents, additional living expenses if you’re forced to leave your home temporarily following a covered peril and personal liability coverage. This provides broader coverage for your home and is the most commonly selected type of homeowners insurance.
- HO-4 policies provide coverage for renters and their belongings.
- HO-5 policies provide similar coverage to HO-3 policies, but it’s more comprehensive. With an HO-5, all causes of loss for your home and property are covered unless explicitly excluded. This is the second most commonly selected type of insurance for homeowners.
- HO-6 policies provide coverage condo owners from damage to the interior structure of their home and its contents, as well as helping to pay for liability claims and additional living expenses.
- HO-7 policies provide coverage for mobile or manufactured homes. These policies can help pay for personal liability, damage to the structure of your home as well as its contents, additional living expenses and medical payments if a third party is physically injured on your property.
- HO-8 policies provide coverage for homes where the rebuild costs are greater than the property's market value (e.g., your home is a historical landmark or has unique architectural elements).
At Arbutina Insurance Group, we pride ourselves on helping our customers find the right homeowners insurance coverage. Contact us in Brunswick, Ohio, to learn more about our home insurance policies.
How to Find the Right Homeowners Insurance
When looking for the right homeowners insurance, you may consider many factors such as costs, coverage limits, and the carrier’s reputation and how they handle claims. The agents at Arbutina Insurance Group can help answer your insurance questions and provide assistance as you look to purchase optimal coverage for your situation. Contact us today to learn more about homeowners insurance and to get a tailored home insurance quote.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.