What does an HO 2 policy cover?

The HO2 policy is a named-perils only insurance policy which means that it covers both your dwelling and personal property from damage caused by events, or perils, specifically named in your policy and nothing else. Some of the common named-perils found in an HO2 policy include: Theft. Fire or Lightning.

What is the difference between an HO3 and HO8 policy?

Difference Between HO3 and HO8 HO3 and HO8 policies are both basic policies. The main difference between them is that an HO3 is an open perils policy whereas an HO8 is a named perils policy. Instead of only covering what is explicitly named, like a named perils policy, it covers everything except what is named.

What is an HO1 insurance policy?

HO-1 insurance is the most bare bones home insurance policy that providers offer. It includes only dwelling coverage, which protects the physical structure of your home. HO-1 insurance does not include liability, personal property, medical payments or additional living expenses coverage.

What is an HO-3 policy?

An HO-3 insurance policy is a form of home insurance that will protect policyholders against property damage, legal liabilities and other expenses associated with unexpected disasters befalling your home.

What does HO-4 mean on homeowners insurance?

Form No. 4 (HO-4) is a type of home insurance policy that provides coverage for only the contents of the home against 16 named perils as well as liability coverage for property damage or injury to those in the residence. It is basically a modified HO-2 to cater to tenants of a room, apartment, or home. HO-4 is also known as renter’s insurance.

What does a home insurance policy cover?

A homeowners insurance policy usually covers four incidents on the insured property – interior damage, exterior damage, loss or damage of personal assets/belongings, and injury that arises while on the property.

What is homeowners insurance?

A standard policy insures the home itself and the things you keep in it. Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people.