If you just purchased a home, or are looking to buy one, you’re probably in the market for homeowner insurance too.
But what types of coverage are there, and what is covered under those types? Read on for more information on what types of home insurance coverage there are!
HO-1 Basic Form
Ho-1 basic form home insurance is the simplest form of home insurance. HO-1 basic form coverage only covers specific events such as:
- Fire/smoke
- Explosions
- Lightning
- Hail/windstorms
- Theft / Vandalism
- Damage from vehicles/aircraft
- Riots / civil commotion
- Volcanic eruption
HO-2 Broad Form
HO-2 broad form is a broader form of HO-1, covering all the events from HO-1 plus:
- Falling objects
- Damage from the weight of ice, snow, or sleet
- Freezing of household items (AC/heating)
- Sudden & accidental damage to pipes & other household systems
- Accidental discharge or overflow of water/steam
- Sudden & accidental damage from artificially generated electrical current
- Your personal belongings
HO-3 Special Form
This type of insurance is the most common form of home insurance. This policy covers any damage to your home’s structure plus your belongings. Certain events are excluded from this coverage, so be sure to go over this policy to see exclusions through the insurance agency.
HO-5 Comprehensive Form
This type of insurance is the most comprehensive insurance you can buy for your home. HO-5 Comprehensive insurance is similar to HO-3, except it also covers sudden and unexpected events. This form can have fewer exceptions, and the buyer may be able to decide on coverage limits.
Payne Insurance Group
Payne Insurance Group provides insurance for auto, home, commercial, and much more! Payne Insurance Group has partnered with over 13 businesses across the Rio Grande Valley, As a result, we have created a one-stop-shop for all your automotive needs.
