The Different Types of Homeowners' Insurance Policies

There are many different types of home insurance policies available today. However, in reality, there are only 7 different types of ISO-certified home insurance policies. Each insurance company just adds onto the policy and calls it their own. Here are the 7 different types of ISO-certified home insurance policies.

HO – 1

HO - 1 is the most basic home insurance policy that covers only basic perils such as lightening damage or theft. This is ideal for people who are looking for affordable coverage.

HO – 2

HO - 2 is like HO - 1 but it also covers your home from an increased number of perils. This includes objects falling on to your home, damage by the elements, accidental water damage, sudden home damage and freezing.

HO – 3

HO - 3 is a special kind of home insurance policy that ensures you are safe from a wider number of perils. However, the perils you are protected from are those not included on the list of exceptions.

HO – 4

HO - 4 is known as the renter’s policy as it protects the tenants of a home, various liabilities and also covers the damage or theft of various living expenses.

HO – 5

HO - 5 is quite easily the most extensive ISO-certified home insurance policy available. It protects the home owners from almost any peril except those listed on a list of exclusions. Fortunately, this list of exclusions is short and includes things that are not likely to occur, such as nuclear damage or government action.

HO – 6

HO – 6 is a home insurance policy for owners of condominiums and therefore, has earned the name condominium insurance. This policy is similar to HO - 4 but also has liability insurance.

HO – 8

HO - 8 is a policy that targets older homes. This is especially for homes that were bought for a low price but would cost dramatically more to rebuild. It usually covers the perils that are covered in HO – 1.

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