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.
What is an HO-1 home insurance policy?
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.
What is an HO-2 home insurance policy?
An HO-2 insurance policy offers a wider range of coverage. It provides financial security to home structure and personal property.
What are HO-3 home insurance policies?
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.
What is HO-4 Renters Insurance?
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.
About the Author
Hannah Sosinski
I started my career in the real estate industry at the age of sixteen and instantly fell in love.
I worked alongside one of the top producing agents in the country as their administrative assistant for nearly nine years before I took the leap to begin my own journey in the real estate industry.
Working alongside an agent who sells over three hundred houses a year educated me strongly on the Pittsburgh and greater Pittsburgh housing market. While working alongside this agent, I was lucky enough to be involved in several different types of real estate transactions and learned to properly determine home values, many aspects of negotiations and have learned how to close challenging deals while also handling a large amount of deals at the same time.
I have also spent the past seven years working as a property manager throughout Allegheny, Washington and Fayette County. I have managed everything from Section 8 to Luxury units.
Exploring the options of the real estate industry can be overwhelming. While working with me you’re able to sit back and relax as I have worked with many investors, home sellers and buyers and can help guide through the sale or purchase of your home and make it as easy on you as possible.
Whether you’re a first time home owner, downsizing, sizing up, looking to make your first/second or third investment, selling your home, etc. I can use my years of education to help guide you through the purchase or sale of the largest investment of your life.
I look forward to chatting about real estate with you!