| Homeowners' insurance policies are those policies, | | | | structure and other household contents. This |
| which provide coverage to owned homes. Many | | | | policy also bears all costs, if a visitor suffers from |
| people think that homeowner's policies provide | | | | injuries in the premises of the homeowner's |
| protection only from natural calamities, fire or | | | | residence. It also protects coverage against |
| other disasters. No doubt, homeowners policies | | | | floods, earthquakes, and war. |
| offer coverage by insuring the house against such | | | | HO 4: |
| calamities, but they cover other expensive | | | | HO 4 type of homeowner insurance plan is for |
| household things too. However, the range of | | | | individuals who live in rented houses and |
| coverage depends on the type of plans that a | | | | co-operative buildings. It provides coverage |
| homeowner chooses. | | | | against all disasters. It also covers household items |
| Thus, before applying for insurance policies, | | | | owned by the renter. In short, HO 4 is a renter |
| individuals need to know the types of homeowner | | | | version of HO 2 and HO 3. |
| policies and their benefits. Therefore, to start | | | | HO 5: |
| with, individuals need to make an inventory list of | | | | HO 5 policy is same as HO 3 policy. However, this |
| household things. These household things can | | | | type of insurance policy covers a home and |
| include jewelry, furniture, electronic goods or | | | | every household thing. If visitors suffer from |
| anything, which people wish to cover. | | | | injuries in the houseowners premises, the |
| Types of Homeowners Insurance: | | | | insurance company bears all the medical costs. |
| HO1: | | | | HO 6: |
| HO1 covers a house and household items. It may | | | | HO 6 policy is for condo owners. This policy |
| comprise objects such as paintings, jewelry, | | | | provides coverage to the condo as well as its |
| furniture and burglary. It also covers a house | | | | premises. In addition, if guests or residents suffer |
| against 10 perils including explosions, vandalism, and | | | | from any injuries in the condo or on its premises, |
| defacing of house by animals. HO1 is a basic kind | | | | the company bears all medical expenses. |
| of policy in which premium rates are affordable. | | | | HO 8: |
| However, it is no longer available in most states. | | | | This policy is for older homes. It usually |
| HO2: | | | | compensates the owner on actual cash value |
| HO2 is limited type of policy in which the insurance | | | | basis. Thus, the owner gets an amount equal to |
| companies provide coverage to specific parts of | | | | replacement cost minus depreciation. Full |
| house. This type of coverage provides coverage | | | | replacement cost policies may not be possible in |
| against sleet, ice, surges, outages and plumbing | | | | some cases of these old homes. |
| malfunctions and so on. It does not insure | | | | Conclusion: |
| damages to house due to other systems such as | | | | Thus, people have to choose any of these |
| television or other electronic items. HO2 policy is | | | | homeowner's insurance policies according to their |
| useful for people who live in regions of heavy | | | | need. Compare online quotes of different |
| snowfall, or in mobile homes. | | | | insurance companies and select the one that |
| HO3: | | | | offers best rate in terms of premium, interest |
| HO3 policy covers all aspects of homes such as | | | | rates, and wide coverage. |