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homeowners insurance
The cost of owning a home these days is astronomical, and in most cases, must be broken up into mortgage payments. Owning a home is the life's work of many people, (It is said buying a home is the single largest investment most people will make in their lifetime) so it is only natural that you would seek the best protection available for such an investment.
Homeowner insurance is the solution to this type of problem. Whereas 50 years ago, you would have needed to have numerous different policies to cover the wide range of home-protection plans such as fire protection, theft protection and earthquake protection, home owners insurance now allows you to bundle all the plans into one custom plan, specifically based on your preferences.
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The following are examples of homeowner (HO) plans available under homeowners insurance coverage.
- HO-1: This is the most basic form of homeowners insurance. It covers damages caused by such things as smoke, thunderstorms, fire, lightning, theft, vehicle or aircraft damage, etc. In all, there are 11 different scenarios that are covered under this basic plan.
- HO-2: This is the broad form of homeowners insurance. The HO-2 is a more appealing option if your house is located in an area that experiences lots of snowy weather. It covers everything that falls under the HO-1 policy, and 6 more scenarios, including damage caused by ice, sleet, plumbing problems and power outages or surges.
- HO-3: This is the special form of homeowners insurance. This policy basically covers everything with the exception of such events as war, nuclear devastation, earthquakes, etc.
- HO-4: This is a form of renters insurance. This policy is mostly made up of bits and pieces from HO's 2 & 3 and is designed for those who don't own, but rent a home.
- HO-5: This is a comprehensive form of insurance. The most thorough of all the homeowners insurance policies, HO-5 is also the most expensive. There are some providers who don't offer the HO-5 plan and instead simply add a rider to HO-3 plan.
- HO-6: This is a Condominium owner's policy. This policy is obviously intended to cover condominium owners. It covers everything inside the condo, leaving the condo itself to be insured by the condo association.
- HO-8: This is a policy for covering older homes. Pretty much the same as HO-1 policy, with the difference being that cost of the house is covered itself.
Check out the homeowner insurance link for some examples of a few of the plans provided.
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