Types of Homeowner’s Insurance Policies
Most people in California are aware of what insurance is but may not have any idea of all the various types of basic insurance policies they can get to help them protect their home. It just depends on what your need may be as to what type of insurance will suit you the best.
So, in order to give you a better understanding of the various basic insurance policies, each one is listed below with a brief description:
HO1 Homeowners Insurance:
HO1 will cover the value of your home and the contents in it. This policy will also protect against 10 factors that can damage the home. This is a basic policy and one that many homeowners may prefer because it allows them a much lower insurance rate. However, this policy has been unavailable in many states these days.
HO2 Homeowners Insurance:
HO2 is a policy that will only protect your home in certain instances. You will be covered against sleet, ice, surges, outages and plumbing malfunctions and so on. There are many things that can incur damage to a home that this policy will not cover. HO2 policy is one that many people get that live in a region with heavy snowfall.
HO3 Homeowners Insurance:
HO3 policy covers everything about a home, such as structure and other household contents. This policy will also cover damage that someone else may incur at your home. This policy also protects against flood, earthquake and even war.
HO 4 Homeowners Insurance:
HO 4 This is basically renters insurance. This coverage is for all disasters. It also covers all the contents that is the renters.
HO5 Homeowners Insurance:
HO5 policy much like the HO 3 policy. But this covers the home and everything that is in it. If you have a guest that gets hurt in your home, with this policy, all their medical expenses will be taken care of.
HO6 Homeowners Insurance:
HO6 policy is one that people living in condos should be sure to have. . This policy will cover the condo and the premises. Also, if you have a visitor that gets injured at your condo or even on the premises, their medical expenses will be covered.
HO8 Homeowners Insurance:
Older homes benefit from this policy. The owner is compensated on actual cash value basis. This means the owner will receive a claim payment based on the replacement cost minus depreciation