The 8 Types of Home Insurance You Should Know

There are many different types of homeowners insurance, each consigned to particular needs. From basic protection to condo insurance, here’s what you need to know.

HO-1: Basic form

This is the most basic form of homeowners insurance. It offers dwelling coverage, including physical structure and personal belongings. The coverage also decreases with the increase in years of wear and tear. 

HO-2: Broad form

This insurance is between the basic and standard forms. It covers physical structures and personal property at replacement value, medical payment, unattached structures, and additional living expenses. 

HO-3: Special form

HO-3 is the most popular insurance cover among homeowners. It offers security for physical structures, personal liability, additional living expenses, and other structures on your property. This coverage also offers all-risks coverage, unlike HO-1 and HO-2.

HO-4: Renters Insurance

This is specifically curated for people who rent an apartment or a house. It covers your property both within the rented apartment and anywhere else worldwide.

HO-5: Comprehensive form

Comprehensive form insurance is tailored for single-family homes. It covers high-value property, expensive keepsakes, and additional protection for possessions not covered by standard insurance. The Bunn Agency in Forsyth, GA, is a good provider for such a hard-to-get insurance form.

HO-6: Condo Insurance

Also known as unit-owners form, this covers people living in a co-op unit or condominium. It offers dwelling coverage as well as personal belongings inside the condominium. A higher-grade policy covers the exterior of your condominium and common areas.

HO-7: Mobile home form

This is more like the HO-3 form, coined for mobile home dwellers. It provides coverage for physical structures, personal belongings, medical payments, personal liability, and additional living expenses. 

HO-8: Modified coverage form

Consigned for historical homes with ornate characteristics, HO-8 covers homes with a replacement value higher than their market value. This insurance form covers hard-to-replace property.

Start your home insurance journey

The best way to start with home insurance is to get a good provider. The Bunn Agency in Forsyth, GA provides insurance and guides you through the preliminary stages. Talk to The Bunn Agency today to learn about your options and get a quote.