HO Policies + Coverages

HO-1

A BASIC FORM homeowners policy is just that — basic. It will usually financially safeguard against 10 named perils: •Fire or smoke •Explosions •Lightning •Hail and windstorms •Theft •Vandalism •Damage from vehicles •Damage from aircraft •Riots and civil commotion •Volcanic eruption

HO-2

A BROAD FORM policy is a more common type of homeowners coverage. It covers all the perils in an HO-1 policy, plus: •Falling objects •Weight of ice, snow, or sleet •Freezing of household systems like AC or heating •Sudden and accidental tearing apart, cracking, burning, or bulging of pipes and other household systems •Accidental discharge or overflow of water or steam •Sudden and accidental damage from artificially generated electrical current

HO-5

A COMPREHENSIVE FORM policy is comprehensive, indeed, in that it often covers more perils than other types of policies. Just like a HO-3 form, a HO-5 is an open-peril policy form that can financially safeguard you against all perils unless your policy specifically excludes them in writing. The following are typically excluded from coverage under a Comp policy: •Earth movement (like an earthquake, landslide, or mudslide) •Floods •Water damage •Damage from or infestation of birds, vermin, rodents, and insects •Neglect, deterioration, and general wear-and-tear •Settling, shrinking, bulging, or expanding of your home's foundation •Your pets and other animals •Mold, fungus, and rot •Intentional loss •War, government action, and nuclear hazard •Ordinance or law •Smog, rust, and corrosion

Coverage D

Loss Of Use. This coverage is only used if your home is damaged to the extent that you can no longer live in it. For example, if a pipe bursts and floods the home and it causes you to live in a hotel for a couple of months while the home is being repaired.

HO-3

The "SPECIAL FORM," policy is the most common type of homeowners insurance, namely because of its broad range of coverage and general affordability. It covers all the perils mentioned in the HO-2, or "broad form," policy — but it also goes further than that. Because an Special form doesn't limit coverage only to named perils, it often can provide more financial protection than an HO-2. That means that your typical HO-3 form can financially protect you against any and all perils unless your policy specifically mentions them in the exclusions — and if it doesn't, you're covered. The Special form policy typically insures your home and attached structures (like a garage or deck), as well as your belongings and your personal liability if you accidentally injure someone or damage their property. What you are and aren't covered for will depend on your specific policy, so it's always wise to go over everything with your insurer. Earthquakes and floods are generally excluded from coverage on most HO-3 policies.

HO-7

The mobile home form is essentially the same as an HO-3, but is designed specifically for mobile or manufactured homes, which don't fall under regular homeowners insurance coverage.

HO-4

This policy type is specifically for renters, since it covers only belongings and personal liability — not the building structure, which the landlord buys insurance for. Belongings are typically covered against the same perils as an HO-2 broad form homeowners insurance policy. An Renters policy, more commonly known as renters insurance, will also usually cover additional living expenses should you need to stay elsewhere temporarily while your apartment is getting fixed up.

HO-6

This type of policy is designed specifically for condo owners and financially protects belongings and personal liability. An HO-6 policy, also known as condo insurance, also typically extends to the walls, floors, and ceiling of the unit too. The same incidents covered under a typical homeowners insurance policy generally apply to Condo coverage too. The rest of the condo's structure is usually covered by a policy purchased by the homeowner's association.

Coverage A

an insurance policy is the dwelling coverage amount.

Coverage C

coverage for your personal property. This coverage insures all of your belongings.

Coverage F

medical payments. Medical payments coverage on a homeowners insurance policy is similar to medical payments on an auto insurance policy. This coverage is to pay medical bills for those who get injured while on your property.

Coverage B

other structures on the property. It is common for homes to have other structures on the property that are not connected to the home like fences, mailboxes, sheds, and detached garages.

Coverage E

personal liability coverage. This coverage protects you from instances where you are liable for negligent actions.