What Are the Different Types of Homeowners Insurance I Should Know?

Different Types of Homeowners Insurance Policies

Homeowners insurance is probably one of the most important types of insurance you will ever buy. Most homeowners don’t properly take the time to ensure their property and belongings are protected in a policy. To get the most out of your home insurance in Millerton, NY, take a look at the different types of homeowners insurance coverage available.

Like all types of insurance, home insurance comes in a variety of coverage levels. More coverage means higher premiums. Here are the basics about each policy so that you can determine which is right for you.

HO-1: This is the most basic type of coverage, only protecting your home against seldom and tragic disasters such as fire or lightning.

HO-2: Otherwise known as “broad coverage”, HO-2 covers your home against disasters as in HO-1, as well as any losses or damage due to hail, vandalism, windstorm, explosion, theft, and more. This type of policy will also protect the homeowner against building collapse, plumbing mishaps, and accidental burst of water heating systems.

HO-3: HO-3 policies insure your home and other structures, such as your garage, against losses or damage from any source except those listed in your policy as exclusions. This policy offers more peace of mind and protection than an HO-2 policy.

HO-4: These policies cover against the same damages as in HO-2 policies, but they are typically for tenants to insure their personal belongings at the rented location.

HO-6: Designed for condominium unit-owners, HO-6 policies offer the ability to insure items not covered by any policy purchased by the condo association. They can also protect personal effects inside the individual unit.

HO-8: If you have an old home, an HO-8 policy is for you. Older properties frequently contain building materials no longer in use and owners of older homes are precluded from building replacement policies.

This isn’t an exhaustive list of the types of home insurance available. However, with the right home insurance agent, you can find quality coverage for your needs. When you’re looking for coverage, contact your insurance professionals at Kneller Agency. Our dedicated experts are ready to assist you with all your home insurance needs.

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