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May 30, 2022 • Tony

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.

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