Basics Of Home Insurance

If you just bought your first house or a new home chances are that it is the most valuable possession that you own. Considering the huge investment that your home represents you will want to make sure you are covered if anything bad was to happen to it. In order to protect your home and your wallet you need to get home insurance is a type of policy meant to cover for any kind of looses Balcony Must Haves that can occur to your house and its contents as well as for any type of accident that might happen in the house within the territory of the policy. Considering all the risk and bad events that are just waiting to happen nowadays, it’s vital that you buy home insurance. Of course before doing that there are a few things you need to know in order to choose the best policy plan for you.
Although there are many insurance companies available which offer many types of policies, there are basically seven major types of insurance forms that have been standardized for general use. These forms are known as HO and each covers for different types of needs:
The first one – HO1 also known as basic form homeowner policy is a basic type of policy that is meant to cover for 11 types of possible perils such as windstorms, lightning, fires, explosions, theft or vandalism, riots, smoke, volcanic eruptions, breakage of glass, personal liability and damage from aircraft or vehicles. The only exceptions are earthquakes and floods. This policy also covers for the contents of your house.
HO2 or broad homeowner policy is a bit more advanced as it offers coverage against 17 types of perils which include the ones listed in HO1 but you get to choose the perils that will be covered yourself.
The Special form homeowner policy or HO3 is the most popular type of policy used for single family homes and it offers coverage on all risks with the exception of floods and earthquakes. It covers for contents as well.
HO4 is the renter’s insurance and it covers for the same perils listed in HO3 but it is meant for the tenant’s property.
HO5 is the same as HO3 plus the contents will be covered no matter the cause Gaf Marquis Weathermax Shingles of loss as long as it is not specifically excluded in the contract.
HO6 is meant for condominium owners.
HO8 covers for the replacement of an older house if the costs exceed its market value.

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