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What are the different types of policies?

All homeowner’s Insurance policies are not the same.

Some of the types of Insurance Policy are listed below:

HO-1.  Basic homeowner’s policy.  Covers against 10 perils listed below.
HO-2.  Broad homeowner’s policy.  Covers against 16 perils.
HO-3.  Special homeowner’s policy.  Covers against all perils unless specifically excluded
from the policy.
HO-4.  Renter’s insurance policy.  Cover’s 16 named perils and also covers liability but does
not include dwelling itself.
HO-6.  Condominium or co-ops policy.  Covers liability, improvement to owner’s unit, and
owner’s possessions.  Coverage to actual structure and common areas is provided by owner’
s association.
HO-8.  For older home whose market value is much lower than the cost to rebuild it.  Same
perils are covered as HO-2.  Pays for repairs cost only or Actual Cash Value which is the
replacement cost minus depreciation.

Perils covered under HO-1 policy:

1-        Fire or lightning
2-        Windstorm or hail
3-        Explosion
4-        Riot or civil commotion
5-        Damage caused by aircraft
6-        Damage caused by vehicles
7-        Glass (limited coverage for HO-1 i.e., $50 per occurrence for breakage.
8-        Smoke (but not smoke damage from fire place for HO-1)
9-        Vandalism or malicious mischief
10-        Theft

Additional perils covered in HO-2, HO-3, HO-4 and HO-6 policies:

1-        Volcanic eruption – but not land tremors
2-        Falling objects – roof or outside wall must be damaged first to have coverage of
3-        Weight of ice, snow, or sleet
4-        Overflow of water system – must be internal plumbing
5-        Sudden and accidental tearing apart, cracking, burning, or bulging of a steam or
hot water heating system or an appliance for heating water but not steam explosion.
6-        Pipes bursting or freezing
7-        Power surge – covers wiring only.
8-        Collapse – exception is collapse caused by earth movement

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