Home Insurance – Latino Insurance

Home Insurance

Home Insurance: what it means having one?

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Home insurance is a way for you to protect you financially in the case that your home or contents in your home are damaged destroyed or there is an event within your house that causes lawsuit. In most cases, if you took out a mortgage to pay for your home, the lender will require that will pay for their investment if destroyed.

There are many types of home insurance out there and they are all very different, so it is best to consult with a licensed insurance professional before purchasing a policy. For instance, if you own a condo, your insurance will be different than it would be for a standalone home. If you own an apartment, your insurance will be different than someone who owns a condo. If you rent your home, there is a separate type of insurance for you called Renters insurance that will cover your belongings in-case of a loss. Since a person’s home is often times their biggest asset, it is very important that you are properly covered and understand your policy front to back. Below is a list of the types of home insurance policies.

  • HO-1 Policy (Basic Coverage)– This type of home insurance policy is designed to increase the coverage of the HO-3 policy for homeowners. You will see it “packaged” with the HO-3 on most insurance policies.
  • HO-2 Policy (Broad Coverage)– This optional coverage is often times added to an HO-3 policy to expand the perils covered.
  • HO-3 Policy (Special Coverage)– The HO-3 is referred to as the “Homeowners” policy, offering coverage for the main structure and unattached structures. There are many “perils” that are not covered on a HO-3 policy, so understanding the policy is critical.
  • HO-4 Policy (Tenant or Renters Coverage) – This policy is for people who renter their home. It covers your personal belongings but not the structure itself. Many landlords will require their tenants to have a HO-4 policy before moving in.
  • HO-6 Policy (Condominium Coverage)– This insurance policy is designed for condo owners, who need coverage outside of the master policy for the condo complex. Often times, you will hear “Studs in, or studs out” when it comes to an HO-6 policy which. The HO-6 generally covers all household belongings.
  • HO-8 Policy (Historic Home Coverage) – This policy has coverage designed for homes that have historic value.

 

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