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homeowner insurance
It is important to take care of your investments, and homeowners insurance does just that. If an unfortunate circumstance arises under which your home is damaged or destroyed, it is important to make sure that you've got it covered.
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.
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Most homeowners insurance policy provide the following coverage: - Dwelling Coverage: This protects the house itself as well as any other buildings on the property such as separate garages, garden sheds, etc.
- Contents Coverage: This protects all the possessions that you own within the home including clothing, furniture and other personal affects.
- Liability Coverage: This protects policyholder & listed family members from being liable if they unintentionally injure someone or damage their property.
- Medical Payment Coverage: This protects you from medical expenses incurred by someone who injures themselves whilst on your property.
- Additional Expenses Coverage: This provides minimal day-to-day living expenses in the unfortunate circumstance that you are forced from your home as the result of any kind of disaster.
There are enough plans made available so that everyone can find the policy and coverage that works best for their needs.
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