Different Types Insurance
What are the Different Types of Home Insurance? – What You Need to Know
Home insurance is something every homeowner should have. For most of us, our homes are the largest investment ever made. It is very important to protect that investment. Many lenders require really homebuyers to obtain homeowners insurance before making a loan. In fact, it would be very difficult to find a lender who does not have this requirement. There are several different types of homeowners insurance available that each cover different things. This article defines the different types of homeowners insurance and also discuss some things that affect the price of a policy.
In 1971 an organization known as the ISO was formed, the Insurance Services Office. The ISO has established seven standardized forms of property insurance. Each covers a different set of hazards.
HO-1
This is the most basic policy. Covers your home and personal property against fire or lightning, windstorm or hail, explosion, riot or civil commotion, aircraft, vehicles, smoke, vandalism or damage intentional theft, and broken glass.
HO-2
This policy covers all covered with HO-1 and also that also protects against falling objects; damage caused by the weight of ice, snow and sleet, collapsing buildings, damage to a water heating system, a leak or spill of water within a plumbing, heating or air conditioning system, freezing of plumbing, heating and air conditioning systems, and accidental injury from electrical currents.
HO-3
This is the most common policy for a homeowner. This policy covers all that the HO-2 covers, and the responsibility visitors who may be injured on the premises.
HO-4
This policy is commonly referred to as renters insurance. In this type of policy housing that is not covered because the policy owner is not the homeowner. But his personal property would be protected against the dangers it and liabilities in an HO-3.
HO-5
This policy is similar to HO-3, but is more comprehensive and covers a wider range of hazards.
HO-6
This policy is designed specifically for owners of condominiums and provides coverage for part of the building owned by the insured, and personal property.
HO-8
This type of policy is for older homes and the coverage is very similar to a policy of HO-1.
In addition to all that past policies may or may not cover certain hazards are usually not covered unless a policy is added. Things such as floods and earthquakes are not covered by standard hazard insurance policies above and which must be added if you require coverage for risks in particular.
It's a good idea to do your homework and learn about the options before committing to a homeowners insurance policy. Of course, you want to make sure to get the most coverage for the least amount of money needed to shop around for the best deal.
About the Author
Learn the facts about homeowners insurance. How much you need and how to save money on homeowners insurance. Educate yourself and protect your home and your financial well being from a potential disaster. http://www.homeowners-insurance-questions.info
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