HOMEOWNERS INSURANCE By Clay Golden HO 1 HO

HOMEOWNERS INSURANCE By: Clay Golden

HO 1 • HO 1 covers a house and household items. It may comprise objects such as paintings, jewelry, furniture and burglary. • also covers a house against 10 perils including explosions, vandalism, and defacing of house by animals. • HO 1 is a basic kind of policy in which premium rates are affordable. However, it is no longer available in most states.

HO 2 • HO 2 is limited type of policy in which the insurance companies provide coverage to specific parts of house. • This type of coverage provides coverage against sleet, ice, surges, outages and plumbing malfunctions and so on. • It does not insure damages to house due to other systems such as television or other electronic items. • HO 2 policy is useful for people who live in regions of heavy snowfall, or in mobile homes.

HO 3 • HO 3 policy covers all aspects of homes such as structure and other household contents. • This policy also bears all costs, if a visitor suffers from injuries in the premises of the homeowner's residence. • It also protects coverage against floods, earthquakes, and war.

HO 4 • HO 4 type of homeowner insurance plan is for individuals who live in rented houses and co-operative buildings. • It provides coverage against all disasters. • It also covers household items owned by the renter.

HO 5 • HO 5 policy is the same as HO 3 policy. • However, this type of insurance policy covers a home and every household thing. • If visitors suffer from injuries in the homeowners premises, the insurance company bears all the medical costs.

HO 6 • HO 6 is a policy for condo owners. • This policy provides coverage to the condo as well as its premises. • In addition, if guests or residents suffer from any injuries in the condo or on its premises, the company bears all medical expenses.

HO 8 • This policy is for older homes. • It usually compensates the owner on actual cash value basis. • Thus, the owner gets an amount equal to replacement cost minus depreciation. • Full replacement cost policies may not be possible in some cases of these old homes.