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31 January, 2019 0
learn about the different forms of home insurance

Learn About the Different Forms of Homeowners Insurance

Here are some of the different types of home insurance policies available to you.

While you might have homeowners insurance in Los Angeles, California, this doesn’t make you an expert on the subject.  In fact, many homeowners are surprised to learn that there are actually different types of home policies out there.  Curious to learn more?  Then here are the various forms of homeowners insurance explained in more detail.

HO-1: Basic Policy

This type of policy is the most simple form of home coverage.  The HO-1 form offers coverage for 10 specific perils and may offer coverage for the personal belongings inside your home.  Because this coverage is so basic, it is not available in many states.

HO-2: Broad Policy

The HO-2 form is an extended version of the HO-1 form.  This type of home insurance offers coverage for the 10 perils covered by the HO-1 form along with six other perils.  This type of insurance offers coverage for the structure of your home and personal belongings.  Some may offer personal liability coverage as well.

HO-3: Special Policy

HO-3 is the most common type of homeowners insurance out there.  This type of insurance offers coverage for all perils unless they are specifically excluded from coverage.  HO-3 policies offer protection for the structure of your home, your personal belongings, and your personal liability.

HO-5: Comprehensive Policy

HO-5 policies are the upgraded version of HO-3 policies.  They offer the same coverage as the HO-3 with higher coverage limits for your personal property and liability.  Because these policies offer more coverage, they will also be on the more expensive side.

Ho-8: Older Home Policy

Finally, HO-8 policies are special forms of insurance specifically designed to protect older homes where the cost of replacing the home exceeds its actual cash value.

While you are most likely to have an HO-3 or HO-5 policy, it’s good to know that there are other coverage options out there.  Are you interested in learning more about your homeowners insurance in Los Angeles, California?  If so, then don’t hesitate to contact us.  The dedicated team at Fuller Insurance Agency in Southern California is ready to assist you with all your coverage needs today.

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