Home Insurance Policy Types

Ho 3s offer more expansive coverage than ho 2s meaning that your home s structure is safeguarded against all perils except for those specifically excluded for example earthquakes and floods in your policy.

Home insurance policy types. Ho 3 special form homeowner s insurance the special form insurance despite its name is the most common type of homeowner s insurance. Ho 3 the ho 3 also known as a special form is the most common homeowners insurance policy form says the national association of insurance commissioners. A budget conscious homeowner who wants more protection than an ho 1 policy offers. Knowing details about the types of homeowners insurance is imperative when shopping for the right polcy.

Ho 7 will cover dwellings like rvs trailers sectional homes as well as single wide and double wide mobile homes. The three different types of replacement cost coverages associated with homeowners insurance policies are. As a homeowner you have a few choices when it comes to the type of coverage and policy forms you may want. Here s a rundown of the different homeowners insurance policy forms.

Ho 7 home insurance is specialized coverage for manufactured homes which fall outside of the coverage areas for other types of home insurance. Memorizing the differences between an ho 2 and ho 3 insurance policy isn t necessary but understanding their terms and the perils they cover. You will find the ho 3 or the special form policy to be the most common type of homeowners insurance. It covers all of the perils mentioned in the ho 1 and ho 2 policies and then goes even further.

An ho 3 offers open peril coverage for the structure of your home this means your policy will help pay for repairs if your home. Ho 1 the most basic and limited type of policy for single family homes ho 1s are. Mobile home insurance policy types ho 7 mobile home. If you have homeowners insurance you most likely have what is called an ho 3 policy the most common type of home insurance policy in the industry also referred to as the homeowners policy special form 3 an ho 3 is the form or template behind most standard homeowners insurance policies your ho 3 policy form is essentially the insurance manual that breaks down how each of the six coverages.

The most common type of homeowners insurance is an ho 3 policy which covers your home your personal property liability additional living expenses and medical payments. If you need homeowners insurance or renters insurance you may be mystified by the buffet of alphabet soup being served up by insurance companies. When you imagine the kind of property that needs homeowners insurance a single family dwelling in the suburbs might come to mind but there are actually eight policy types or forms for different property types and coverage needs. 1 actual cash value this pays for your home or personal possessions based on market value or after depreciation is deducted.