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Insuring the Property
Homeowner's Insurance Forms
There are five types of homeowner's policies. Let's take a look at them. HO-1: Provides only minimal basic protection. Due to its many restrictions on coverage, it is available in only a handful of states. HO-2: Costs about 10% more than HO-1, but removes many of the restrictions imposed by an HO-1 policy. HO-3: An all-risk policy. Costs about 25% more than HO-1, but covers everything not specifically excluded in the policy. HO-6: Used if you are purchasing a condominium. HO-8: Used for unique or historical structures. NOTE: Certain states may use different HO designations. Share Article:
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