Category: Home Insurance
The Eight Types of Home Insurance
When you visit Guardian Insurance for home insurance, you might experience a bit of surprise. You have eight types of home insurance from which to choose, although your type of home will reduce the choices.
In the Midwest, you won’t find much use for condo insurance (HO-6). Still, Nebraska does offer many single-family homes, and those require either dwelling insurance (HO-1), broad coverage homeowners policy (HO-2), a typical homeowners policy (HO-3), or an all-perils home policy (HO-5). Your home might also qualify for a historical home policy (HO-8).
Home insurance also covers other types of domiciles. For example, some insurance underwriters categorize recreational vehicle (RV) insurance, also referred to as motorhome insurance, among the eight types of home insurance. Others only consider mobile homes qualifying for a home policy (HO-7).
One type of home insurance, renter’s insurance (HO-4), provides coverage for those who rent their domicile instead of owning it. This coverage insures their belongings but not the physical structure, something covered under the landlord’s policy.
Choosing Home Insurance Coverage
If you own a single-family home, you must choose between HO-1, -2, -3, -5, or -8. Only a historic home or one of unique architectural value qualifies for a homeowners eight policy, though. With the first three choices, you need to understand named perils. That term refers to natural and man-made hazards that cause damage to a home, such as fire or tornado.
The three types of homeowners insurance, HO-1, -2, and -3, offer varying levels of coverage for perils, while HO-5 offers comprehensive coverage for risks. It covers any type.
Contact Us for More Information
Contact Guardian Insurance, serving Nebraska and the greater Midwest, for more information on home insurance and consultation on which home policy would work best for your situation.