Homeowners insurance coverage varies by the type of policy you have.
Unlike auto insurance, where the policies are pretty much the same, homeowners policies can
The most common types of homeowner policies are:
1.HO1 Basic form
2.HO2 Broad form
3.HO3 Special (also called Deluxe, All Risk with exceptions)
4.HO4 Renters policy
5.HO5 Enhanced Special Coverage
6.HO6 Condo policy
7.HO8 Older Home Policy
All homeowner policies are "package" policies. You get a group of coverages packaged into your policy for one overall premium. They include coverage on your building, your contents (furniture, clothing, etc.) other structures on the premises (garages, sheds etc), loss of use of the home due to a covered loss and liability insurance in case you are sued, all under the same policy. The property coverage is shown under Section 1, while the liability coverage is described under Section 2.
There is no better way to understand your homeowner policy than to read it! We suggest you pull out your policy and find the parts to your policy that correspond to the following explanations:
1. The Declarations Page - that declares who, what and how much you are insuring, along with the date your coverage starts , and the premium.
2. The Policy Booklet - printed pages that contain the details of coverages and exclusions.
Sometimes you are only given the original policy once in the beginning, then on renewal, to cut down expenses, you are just sent the dec. page (declaration page) with the bill. It's a good idea to save the original policies should you ever need to refer to them.
More Detailed Information:
The HO1 policy is very limited in coverage and is not being sold by most companies.
The HO 5 policy is usually sold for very high value homes and includes special form perils for contents.
The HO 4 policy covers contents and liability for individuals who rent their home or apartment
Be careful! Your homeowner policy limits coverage on some items.
Typical limits are:
Check your policy carefully. If you see you don't have enough coverage, find out how much it would cost to increase those limits or to buy special coverage.
In addition to special coverage for jewelry, silverware and furs, you can purchase specific coverage for such possessions as stamp or coin collections, fine arts, camera equipment, collectibles, watercraft and musical instruments, just to name a few.
The homeowners policy also provides liability coverage for damage or injury to another both on premises or off premises due to your negligence.
Get a Quote