| When you go shopping for insurance it's going to | | | | "special" policy issued to protect your home from |
| feel like they're throwing a thousand different | | | | any peril except those specifically named as |
| types of homeowners insurance policies at you in | | | | uninsurable and it's among the most common |
| the hope that you'll be able to field the right one | | | | types of homeowners insurance policies issued |
| based on nothing but luck. Since it doesn't work | | | | every year. If you're buying an HO-3 policy, just |
| like that, it pays to be familiar with the most | | | | make sure you know exactly what's not covered. |
| common types of homeowners insurance policies | | | | The last thing you want is a nasty little surprise |
| before you get tossed into the arena to sink or | | | | waiting for you when you try to file a claim.d) |
| swim! | | | | HO-4. This is the typical "renter's insurance" policy |
| Common Homeowners Insurance Policiesa) HO-1. | | | | that provides you with the same broad coverage |
| If you're looking for basic coverage for your one | | | | found in the HO-2 policy for your personal |
| room shack that cost less than $25 to bribe the | | | | belongings, as well as additional living expenses and |
| turtle down the beach to build (or you have | | | | liability.e) HO-5. The HO-5 is the most |
| another structure that you only want very basic | | | | comprehensive insurance policy available on the |
| coverage for) the HO-1 is the homeowners | | | | market, quite literally protecting your home |
| insurance policy you're looking for. The only thing | | | | against everything but earthquakes, war, nuclear |
| this type of policy covers is fire and lightening | | | | exposure and flooding. In other words, take |
| damage, so don't expect too much!b) HO-2. This | | | | Mother Nature and the world's mad scientists out |
| type of coverage is known as "broad coverage." | | | | of the equation and you're good to go!f) HO-6. |
| Broad coverage protects your home against fire | | | | This is your typical condominium insurance policy, |
| and lightening, as well as windstorm or hail, theft, | | | | and it's used to insure items not covered by the |
| explosion, smoke, damage from vehicles and/or | | | | association (whose coverage stops at the |
| aircraft (although why they'd be in your living | | | | exterior walls of the building and doesn't extend |
| room, no one really knows), vandalism, malicious | | | | to the rat trapped in between) and personal items |
| mischief and riots/civil commotion. This is also the | | | | and take care of any liability issues that might pop |
| coverage that's going to protect you from building | | | | up along the way.g) HO-8. This is what's known as |
| collapse, falling objects, damage due to the weight | | | | an "older home" policy among the insurance |
| of snow, ice or sleet, water damage from | | | | community. What's it for? Primarily to keep |
| bursting pipes (or other plumbing mishaps), and | | | | insurance companies from having to use |
| your hot water tank blowing up. Needless to say, | | | | expensive and/or inferior materials to replace or |
| this is a good policy to have!c) HO-3. This is the | | | | repair elements of an older home. |