| Homeowners insurance is something that every | | | | This is the most common policy for a |
| homeowner should have. For most of us, our | | | | homeowner. This policy covers everything that |
| homes are the single largest investment we will | | | | the HO-2 policy covers as well as any liability from |
| ever make. It is vitally important that we protect | | | | visitors he may be injured on the premises. |
| that investment. Many lenders actually require | | | | HO-4 |
| homebuyers to obtain homeowners insurance | | | | This policy is commonly referred to as renters |
| before making a loan. In fact it would be quite | | | | insurance. In this type of policy the dwelling is not |
| difficult to find a lender that did not have this | | | | covered because the owner of the policy is not |
| requirement. There are several different types of | | | | the owner of the dwelling. But, their personal |
| homeowners insurance available that each cover | | | | property would be protected against the same |
| different things. This article will define the different | | | | perils and liabilities in an HO-3 policy. |
| types of homeowners insurance and will also | | | | HO-5 |
| discuss some things that will affect the price of a | | | | This policy is similar to HO-3 but is more |
| policy. | | | | comprehensive and covers a broader range of |
| In 1971 an organization known as the ISO was | | | | perils. |
| formed, the Insurance Services Office. The ISO | | | | HO-6 |
| has established seven standardized homeowners | | | | This policy is designed specifically for condominium |
| insurance forms. Each one covers a different set | | | | owners and provides coverage for the part of |
| of potential perils. | | | | the building owned by the policyholder as well as |
| HO-1 | | | | their personal property. |
| This is the most basic policy. It covers your | | | | HO-8 |
| dwelling and personal property against fire or | | | | This type of policy is for older homes and the |
| lightning, wind storm or hail, explosions, riots or | | | | coverage is very similar to an HO-1 policy. |
| civil commotion, aircraft, vehicles, smoke, | | | | In addition to all the things that the above policies |
| vandalism or malicious mischief, theft, and broken | | | | may or may not cover there are certain perils |
| glass. | | | | that generally are not covered unless specifically |
| HO-2 | | | | added to a policy. Things such as floods and |
| This policy covers everything covered in HO-1 and | | | | earthquakes are not standard perils covered by |
| in addition to that also protects against falling | | | | the above policies and would need to be added if |
| objects, damage caused by the weight of ice, | | | | you require coverage for those particular perils. |
| snow, and sleet, building collapse, damage of a | | | | It's a good idea to do your homework and learn |
| water heating system, leakage or overflow of | | | | about your different options before you commit |
| water from within a plumbing, heating, or air | | | | to a homeowner's insurance policy. Of course |
| conditioning system, freezing of plumbing, heating, | | | | you'll want to make sure you get the most |
| and air-conditioning systems, and accidental injury | | | | coverage for the least amount of money and |
| from electrical currents. | | | | that will require shopping around for the best deal. |
| HO-3 | | | | |