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Auto Insurance is legally required in most states of US. Any person who drives a car must have basic liability coverage as mandated by the state. State’s minimum liability and property damage coverages are two of the most important coverages you need to be sure to have in order to drive legally. In case if you don’t have it, you risk losing your driver’s license. Besides, you will have to pay fines for not having Auto Insurance. You also risk having other various penalties, if you get in an accident without any liability coverage.
There are different types of Homeowner’s Insurance Policies to choose from called “forms.” The type of homeowner’s policy you buy depends on whether you own a standalone home, rented home or condo/co-op. However, before choosing a homeowner’s policy, you need to understand the level of coverage you want because each policy has its level of coverage.
Different Types of Homeowner’s Insurance Policy Forms
HO-1 is a basic policy which provides coverage of about 11 perils. Those include fire, lightning, windstorm, hail as well as an explosion, riots, and other events. This policy is rather limited, and it won’t cover the protection of your property or other belongings.
HO-2 is another basic homeowner’s policy which provides a broader coverage of your house. Unlike HO-1, this policy covers you against 16 perils including additional perils such as water damage, theft, vandalism, as well as accidental damages like an overflow of plumbing, heating air-conditioning, and household appliances.