Different Types of Homeowner’s Insurance Policies

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.

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