With all the different types of homeowners insurance, the process of choosing a policy can be confusing.
To help, here’s a basic guide to some major types of insurance policies.
HO-1 insurance is the simplest of policies offered. It only covers your home structure and a few home features.
It also covers attached structures such as garages and patios. This policy offers funding in the case of storms, fire, wind damage, theft and a few other peril categories.
HO-1 insurance doesn’t cover personal belongings, however. So if your computer or furniture is damaged during a storm, replacement cost would need to be covered by another policy.
An HO-2 insurance policy offers a wider range of coverage. It provides financial security to home structure and personal property.
An HO-3 home insurance policy is the most common homeowners insurance type. In addition to coverages seen with HO-1 and HO-2 policies, it covers additional items. These include liability, payments for medical bills and living expense stipends.
HO-4 is a policy offering protection to the personal property of individuals renting a space. It is not technically a homeowners insurance policy, but important for renters to have.
Consider your home needs when purchasing homeowners insurance. Protect your property and belongings with the right insurance.
Attorney Andrew McKinney, formally of Buyers Brokers Only, LLC is an exclusive real estate agent with 13 years of experience in the Boston area having completed over $250 million in transactions. Andrew works with buyers and sellers at all market segments in Boston and the surrounding cities and towns including Cambridge, Somerville, Brookline, Newton Needham, Arlington, Belmont, Watertown, Medford and Melrose. As an attorney and an MBA, Andrew brings a unique skill set and level of professionalism that sets him apart from other agents in the area.