Homeowners insurance provides financial protection against disasters is the type of property insurance that covers private homes. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of its use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home.
Home Insurance Policies
HO-1 is the most basic coverage and covers against damage caused by fire and lighting. HO-1 is not widely available in insurance companies because of its narrow coverage.
HO-2 is referred as broad coverage. HO-2 offers coverage that is caused by windstorm, aircraft, vehicles, vandalism, and riot. In addition, it will offer compensation caused by freezing of the plumbing system, and household appliances.
HO-3 offers insurance against damage that is caused by natural disasters. The HO-3 is the most preferred choice of home insurance among the consumers.
HO-4 offers coverage against the belongings inside the house.
HO-6 is used to provide coverage for an condominium unit. The owner can apply for the HO-6 home insurance to protect items that are not covered by the policy of the association.
The HO-8 offers coverage for older home. If you have an old home, you may be ineligible for a replacement policy. Instead of purchasing the replacement policy, you can purchase the modified replacement policy. If you purchase the modified replacement policy, the insurance company will pay for the modern building materials rather than paying for the outdated home materials.
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