INSURING YOUR HOME

Homeowners insurance is more than just insuring your home or something you have to have because everyone you know does. It is one of the single most important necessities in your life if you rent, own, lease or even temporarily stay in a house, apartment or condo.

Homeowners insurance may also be referred to as hazard insurance or home insurance is a type of property insurance that covers private residences. It is an insurance policy product that combines a wide number of personal insurance options, ranging from losses occurring to your home, its contents, discontinuation of its use (including additional living expenses) or loss of other personal possessions. Home insurance also includes liability insurance for accidents that may happen at the residence or on the property.

Homeowners insurance premiums often depend on the cost to replace the residence and which additional property items to be insured are included in the policy.

Generally speaking, claims due to earthquakes, floods, war or "Acts of God" are excluded. Separate insurance can be purchased for these possibilities, including flood insurance and earthquake insurance. Insurance should be evaluated and readjusted to the value of the home according to inflation for the owner's protection. Fire insurance requires a special premium charge as well as the addition of smoke detectors and on site fire suppression systems to qualify.

HO-1

Limited policy that offers a variety of coverage but only for items specifically stated in the insurance policy. These might be used to cover a valuable object found in the home, such as a valued piece of artwork or heirloom.

Back

HO-2

A similar policy to HO-1 whereas HO-2 is a limited policy such that its coverage is to specific portions of a house against damage.

Back

HO-3

The most commonly written policy for a homeowner and is designed to cover all aspects of the home, structure and its contents as well as any liability that may arise from daily use, as well as any visitors who may encounter accident or injury on the premises.

Back

HO-4

This form is most commonly referred to as renters insurance or renter's coverage. Like HO-6, this policy covers those aspects of the rented residence and its contents not specifically covered in the blanket policy written for the lessor. This policy may also cover liabilities arising from accidents and intentional injuries for guests.

Back

HO-5

This policy, similar to HO-3, covers a home (not a condo or apartment), the homeowner and its possessions as well as any liability that might arise from visitors or passers-by. This coverage is differentiated in that it covers a wider breadth and depth of incidents and losses than an HO-3.

Back

HO-6

A form of supplemental homeowner's insurance, HO-6, known as a Condominium Coverage, is specifically for the owners of condos. It includes coverage for the part of the building owned by the insured and for the property housed therein of the insured.

Back

HO-8

Usually referred to as "older home" insurance. It lets house owners with higher replacement cost than the market value insure them at the lower market value rate.

Back

COVERAGE TYPES

• HO-2
• HO-3
• HO-4
• HO-6

ONLINE QUOTE