The basics of homeowner insurance coverage cover a wide variety of risks. It pays medical bills for injuries and lost wages, covers damages to property, and can cover court costs if you are sued. Medical payments coverage pays for injuries sustained on or away from your home. This coverage is often required by law. In a flooded basement, for instance, this coverage will cover the cost of a plumber's bill.
- HO-1 policy
HO-1 homeowner insurance policies are written to protect your home from specific incidents. These include fire, lightning, windstorms, hail, and broken glass. They also provide coverage for your dwelling and any attached structures. However, your personal belongings are not included. If you need to replace some of these items, you can get them insured through your HO-1 policy.
- HO-2 policy
Homeowners insurance policy can be very useful for homeowners in case of an emergency. Many banks and mortgage companies require homeowners to have insurance. This type of policy covers the home and its contents, as well as liability and personal possessions. It is important to compare quotes from different insurance providers to find the policy that best suits your needs. A policy that is more extensive will cost you more, but will also provide you with more coverage in case of an emergency.
- HO-8 policy
HO-8 policies cover a homeowner's main dwelling, personal property, and liability. They also cover loss of use. However, they do not provide full replacement cost coverage. In case of an accident, HO-8 policies may not be enough to replace lost property and pay for living expenses while awaiting repairs.
- HO-9 policy
There are several types of homeowners insurance, each with its own specific features. The type of policy you purchase will depend on the type of structure, its occupancy, and the amount of coverage you desire. A basic or broad form policy will protect your property against a specified list of perils, while a special form policy will cover all perils.
- HO-10 policy
An HO-10 homeowner insurance policy will reimburse you if your home is destroyed by fire or other perils. This policy is meant for homes that are older and pose a high risk for damage. To qualify for this type of policy, you'll need to upgrade certain elements of your home, such as the plumbing and electrical wiring. In addition, you must replace the roof before purchasing this policy. The difference between this policy and the HO-3 policy is that the HO-8 policy covers only 10 named perils. It also limits your coverage to the actual cash value of the home, not its replacement value.
- HO-12 policy
There are several different types of homeowner insurance policies. One type of policy is known as HO-5. This policy is similar to HO-3, but it includes named-perils coverage for your home's structure, and some may also offer additional coverage for certain expensive possessions, such as jewelry. This type of policy is usually cheaper than the HO-3, but it does have restrictions on the contents that it covers.
- HO-13 policy
HO-13 homeowner insurance covers the damages incurred by fire, storms, explosions, vandalism, and other events. It also includes coverage for your personal property. This policy is the most common type of homeowner insurance policy. Depending on the insurance company, it may include different forms of coverage.
- HO-14 policy
An HO-14 homeowner insurance policy is an addition to a standard homeowner insurance policy that provides additional coverage for activities such as home sharing. ISO has incorporated language from the Home Sharing Host Activities Endorsement Form into HO14 policies. However, the new form differs from its predecessor in several ways. These include an additional dollar limit for business exclusion and expanded definitions of business activities.
- HO-15 policy
An HO-15 homeowner insurance policy is more expensive than an HO-3. It covers the structure of your house and its contents, as well as damages to your personal belongings. It also covers damages that do not occur as a direct result of the insured peril. It is usually more expensive than an HO-3 because of its wider coverage.
- HO-16 policy
The HO-2 homeowner insurance policy is the most popular level of coverage. It provides coverage for sixteen named perils. However, a policy with fewer named perils is not as comprehensive as one with higher limits. For example, if you live in a region where falling objects are common, you might want to purchase a policy that names these risks.
