A person’s home is the safest shelter in one’s life. Although, how can one reassure themselves that their home, their place of warmth, and safety. Surely, will always be safe to give them the shelter they need? Homeowners insurance provides that reassurance. Thereupon, by being a package policy that covers the losses and damages to an individual’s home, property, and assets.
Under homeowner insurance, the policies most likely cover the damages caused by catastrophic events such as:
- Sudden or accidental tearing or bulging of heating/cooling systems
- Riots or civil commotions
- Falling objects
- Freezing of plumbing services
- Sudden & accidental water discharge from plumbing or appliances
- Sudden and accidental artificially generated electrical currents.
Homeowners Insurance does not include certain events such as flooding, earthquakes, maintenance damage, and sewer backups. Flooding Insurance can usually be bought with the National Flood Insurance Program. On the other hand, Earthquake Insurance is usually sold as a separate policy and/or endorsement to the homeowners. It is usually bought along with homeowner insurance at most Insurance companies. While buying homeowner insurance is critical, it is extremely vital that you purchase the type of policy that they need.
There are currently eight different types:
- HO7-Mobile Home
- HO8-Older Home Insurance
Homeowners Insurance to your Needs
The most common type of homeowners insurance is HO3- Special. Because it covers more than HO1 & H02, making it financially a better offer than the past two. HO1-Basic, is usually not a best seller in today’s sales. Due to the fact that their types of Homeowner Insurance offer more protection for better pricing. For Instance, HO2 Broad, protects all of HO. Even more such as the home structure, belongings, and even personal liabilities in some situations. HO3, the most bought Homeowner Insurance, covers both HO1, HO2, and even more. Such as property that is attached to the home such as garages or decks, belongings, and liability in the case that someone were to become harmed on the property. HO4, HO6, and HO8, are all incredibly similar in that they only protect belongings and personal liability, not the building structures. The difference between HO4, HO5, HO6, and HO7 are:
- HO4- For tenants
- HO5- also protects walls, floors, and ceilings of the unit
- HO6- For individuals living in Condos
- HO7- For Mobile Home owners, etc
Lastly, HO8 is incredibly similar to HO3, but it is better suit for older homes for their own type of needs and protections.