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What Are the Different Types of Homeowners Insurance?

What you should know about homeowners insurance.

Every homeowner knows that they need homeowners insurance. Not only does this make financial sense, but it gives you the peace of mind that your pocket is protected if the worst happens. As you are shopping for a home insurance policy, keep in mind that not all are created equally. There are several different kinds of home insurance, and it can be hard to pin down which one you need.

Take a look at the different “forms’ of homeowners insurance:

HO-1 Basic Policy: This is the most simple policy and it covers 10 specific perils. Depending on the provider, you may be able to get coverage for belongings inside your home, too. Keep in mind that because the coverage is so minimal, it is often no longer offered.

HO-2 Broad Policy: This policy covers all 10 perils included in an HO-1 policy along with an additional six. This type of policy generally covers the structure of your home and your personal possessions, too. Liability protection may or may not be offered.

HO-3 Special Policy: This is the most common type of policy, and it offers general standard coverage. It provides financial protection for all perils unless otherwise noted.

HO-5 Comprehensive Policy: Similar to the above in terms of peril coverage, but it can offer greater coverage for your belongings as well as liability protection.

HO-8 Older Home Policy: This policy was created for older homes where the cost to replace the home is higher than its actual cash value.

Generally, the HO-3 and the HO-5 are the ones you are most likely to be dealing with.

Do you need help deciding which homeowners insurance policy to purchase? Visit Abbate Insurance for your insurance policies in New Haven and neighboring cities in Connecticut!



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