Types of Homeowners Policies

There are eight different policy types available for homeowners insurance policies. Each policy type is used to cover a different type of property. They also vary in terms of the level of coverage offered in each plan. These are the 8 types of homeowners insurance policies.

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HO-1

This is the most basic and limited type of homeowners insurance policy. These are bare bones plans that protect the physical structure of single family homes. They do not include liability coverage, personal property coverage, or medical payments coverage. Only choose this plan if you are unable to affordable better coverage.

HO-2

This type of homeowners insurance covers your dwelling and your personal property. It will only protect you in instances where events that have been named in the policy occur. Some common perils that are covered include theft, fire, lightning, and explosions.

HO-3

HO-3 is the standard homeowners insurance offered by most insurance companies. They are also called open perils policies. They cover home for all dangers except perils listed as excluded specifically in their policy. Damage to personal property is only covered if the damage occurs due to a peril named in the policy. To ensure that you fully understand the scope of your plan, it’s important to thoroughly review and research the policy before purchasing it.

HO-4

HO-4 policies are designed for renters. They are also called renters insurance policies. When you rent an apartment, your landlord is responsible for perils that damage the structure of the building. HO-4 coverage covers your possessions and liability for injuries that occur within the dwelling.

HO-5

HO-5 policies are a type of home insurance that is written on an open-perils basis. They cover all damage to your home and personal property, unless the peril that caused the damage is specifically excluded in the policy. HO-5 policies normally exclude damage caused by:

Power failure
War
Nuclear hazard
Intentional loss
Government action
Collapse
Mold, fungus, or wet rot
Neglect, wear and tear, and deterioration
Mechanical breakdown
Smog, rust, and corrosion
Smoke from agricultural smudging and industrial operations
Discharge, dispersal, or seepage of pollutants
And more

For a specific list of which perils are not covered in your chosen insurance policy, have an insurance agent evaluate the plan with you.

HO-6

This type of insurance policy is meant for people who own condominiums or co-op units. As the owner of this type of property, you are responsible for any damage that occurs to it. HO-6 coverage protects the unit of property and anything within it. It also offers liability coverage and loss of use coverage. If you are unable to live in the unit due to a perilous event, HO-6 plans can also pay for additional living expenses until you can move back in.

HO-7

An HO-7 plan provides coverage for mobile homes and manufactured homes. This coverage can be applied to single-wide, double-wide, and triple-wide mobile homes. The coverage is open-perils, meaning that all perils are covered except those that are specifically excluded in the policy literature.

HO-8

HO-8 homeowners insurance is a special type of home insurance that is made for owner-occupied homes that are older than the average home. These are named-perils plans, meaning they only cover damage caused by a type of action or force that is stated in the policy. The named perils covered by HO-8 plans include:

Aircraft
Civil unrest and riots
Explosions
Hailstorms and windstorms
Lightning and fire
Smoke
Theft
Vandalism and malicious mischief
Vehicles
Volcanic eruptions

Find The Right Homeowners Insurance Policy

With so many options on the table, you may be overwhelmed with the prospect of finding coverage that fits your needs. If you want to find coverage soon, your best bet is to work with a licensed insurance agent. Contact Insured For Life today!

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