Questions/Tips Insurance

Home Insurance Quotes: Types of Home Owners Insurance

(04/26/2012) Whether you own a house, condo, or other home, it's essential to protect it from damage. Today, there are multiple kinds of home owners insurance policies available that offer different coverages.

What's right for you and your family? When you're researching insurance quotes for house insurance, it's important to know every home owners insurance policy provides a combination of property and liability coverage. They also cover loss of use resulting from different kinds of damage. It's all about choosing based on where you live, the different kinds of risk you might face, and the costs you might incur.

The most common house insurance options are:

  • HO-2: Covers specific portions of a home.

  • HO-3: Covers your home and its contents. Also covers if someone gets hurt on your property. This is the most common type of home insurance policy.

  • HO-4: Renters insurance, covering the contents of an apartment (and in some cases liability coverage)

  • HO-5: Covers your home and its contents, but is more comprehensive than HO-3.

  • HO-6: Covers condos - the portion of the condo building you own, and the contents within.

  • HO-7: Covers mobile homes.

  • HO-8: Covers older homes.

Most policies cover up to 16 different and common perils your home might face:

  • Fire or lightning

  • Windstorm or hail

  • Explosion

  • Riot or civil commotion

  • Aircraft

  • Vehicles

  • Smoke

  • Vandalism or malicious mischief

  • Theft

  • Volcanic eruption

  • Falling objects

  • Weight of ice, snow, or sleet

  • Accidental discharge or overflow of water or steam from within a plumbing, heating, air conditioning, or automatic fire-protective sprinkler system, or from a household appliance.

  • Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or hot water heating system, an air conditioning or automatic fire-protective system.

  • Freezing of a plumbing, heating, air conditioning or automatic, fire-protective sprinkler system, or of a household appliance.

  • Sudden and accidental damage from artificially generated electrical current (does not include loss to a tube, transistor or similar electronic component).

Additional “riders” or coverage that can be purchased include:
  • Flood insurance

  • Earthquake insurance

  • Replacement cost for possessions

  • Extended or guaranteed replacement cost for the structure

  • Building code upgrades

  • Sewer and drain back-ups

  • Inflation-guard

  • Umbrella coverage for a pool or other high-risk items

  • Special riders for jewelry, collectibles and expensive items

Knowing the different types of home owners insurance is critical as you seek out insurance quotes online or via insurance companies. With this knowledge, you can discover the most appropriate policy for you and your family.
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