Home insurance is there to protect you from losses that may happen to the contents of your home or your home itself. If you get home insurance, you will be able to cover yourself against certain risks. Because of this, home insurance is a good idea, and can help give you peace of mind. Now lets see what makes one policy different from another policy.
You can always custom make your own home insurance policy that will cover what you decide needs to be covered, but there are also seven different policies for home insurance that you should know about, so you can compare and see what works for you.
The seven home insurance policies are called HOs.
The HO 1 policy will cover eleven perils you may be at risk for. They include many natural occurrences or disasters, such as lightning, windstorm, fire and smoke, and volcanic eruption. It also includes accidental damage such as vandalism, theft, explosion, riots, vehicle damage, and broken windows. It is important to have home insurance which will cover these things, because they are out of your control. The HO 2 policy includes these eleven risks, and will also cover six more risks which you can specify. Both HO 1 and HO 2 are home insurance policies which will also cover high risk items in your home.
HO 3 is another basic home insurance policy. It is almost the same as the HO 1 home insurance policy. The difference is that it is home insurance for single family homes, whereas HO 1 can be home insurance for multiple family buildings. If you are renting or are a tenant, then HO 4 is a great policy. It is the same home insurance as HO 3, but for renters. HO 5 is provides coverage for everything in your house, not just high risk items, for any risk not specifically excluded from the contract. HO 6 is the best home insurance policy for condo owners, and HO 7 is an ideal home insurance policy for old houses. As you can see, each home insurance policy is designed to fit specific types of people.
Other home insurance policies are easy to look at and compare with next to another policy online. Make sure you have a good understanding of what each policy is willing to cover, and compare one insurance quote or policy with your other options. This way you can get the best home insurance, and feel well protected. After looking at home insurance, you may also want to look at life insurance.
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McGrady Insurance Group
5401 S Kirkman Rd #310