As a homeowner, you want to protect your home and belongings in the case of an accident. After all, you never know when a bad storm or hurricane is going to hit your town. Insurance for homeowners exists to protect people from a variety of situations involving more than property damage.

There’s more than one option for insurance, though. The different types of homeowner’s insurance provide coverage for renters, single-family dwellings, and more. You’ll also have varying homeowner’s insurance prices depending on the types of belongings you’re insuring. 

The Eight Types of Homeowner’s Insurance

In total, you’ll encounter eight different homeowner’s insurance options. Most insurances cover water damage, which is a significant factor in certain states. Others are better suited for more specific home types, like condos or mobile homes. 

HO-1 insurance is the most basic option that covers your home at cash value. Personal belongings aren’t always covered, and most insurance carriers don’t offer this anymore. 

HO-2 insurance provides broader coverage, such as damage caused by freezing and accidental discharges.

HO-3 coverage is the most common option. Your home is covered at its replacement cost, but it doesn’t cover earthquake or flood damage. 

HO-4, or renter’s insurance, specifically helps people who are renting a home. It helps if your home becomes unlivable due to damage and you need to find a place to stay. 

HO-5 insurance is one of the highest levels of coverage for a single-family home. Your home and belongings are both covered at their replacement price, but it also costs more as a result.

HO-6, also known as condo insurance, is meant for people who live in a condominium. The condo association itself holds this policy, which covers the building and shared areas. 

HO-7 insurance provides the same coverage as an HO-3, only adjusted for mobile homes. It usually only covers damages when the home is stationary. 

The last of the policies provide coverage for homes that don’t fit the other types. This includes older homes with outdated plumbing or wiring. It protects from the same perils as HO-1 and bases the coverage off of the home’s actual cash value. 

Which Is Best for You?

A major factor in deciding which types of homeowner’s insurance are best for you is what kind of living situation you have. Mobile homes and condominiums have different options available. You can also expect to pay more every month for more comprehensive coverage.

Get multiple quotes before making a decision. Coverage can vary a lot between companies. 

Contact propertyinsurancehq.com to learn more about the best choice for your situation. 

Buying Homeowner’s Insurance

It can be difficult navigating the different types of homeowner’s insurance out there.  However, you’ll find it’s worth the trouble when disaster strikes.

Look into what policies are offered in your area. They can come especially in handy if you’re renting out a room and want to protect your belongings. 

Interested in learning more real estate tips? Check out our other articles for both home sellers and buyers.