Home insurance policies you need to know
When it comes to home insurance, many people think that insurance is only for suburban homes, but there are actually eight types of home insurance policies for many different types of homes and insurance needs. Depending on your needs and the type of home you live in to choose the most suitable insurance policy.
Home insurance policies include:
HO-1: The most basic insurance
HO-2: Extended form of HO-1
HO-3: Special insurance policy
HO-4: Insurance for renters
HO-5: Comprehensive insurance
HO-6: Insurance for apartments
HO-7: Same as HO-3 but for mobile home model
HO-8: Insurance for older homes that do not meet the criteria for the insurance categories mentioned above.
Every home insurance policy will cover both property and liability, but policies will vary in the quality of coverage and the type of home they will cover.
HO-3 and HO-5 are the most common forms of home insurance for each family.
If you are a tenant in a home or apartment building, you will need HO-4 tenant insurance to cover your personal belongings and liability.