When you go shopping for insurance it's going to feel like they're throwing a thousand different types of homeowners insurance policies at you in the hope that you'll be able to field the right one based on nothing but luck. Since it doesn't work like that, it pays to be familiar with the most common types of homeowners insurance policies before you get tossed into the arena to sink or swim!

 

Common Homeowners Insurance Policies

 

a)      HO-1. If you're looking for basic coverage for your one room shack that cost less than $25 to bribe the turtle down the beach to build (or you have another structure that you only want very basic coverage for) the HO-1 is the homeowners insurance policy you're looking for. The only thing this type of policy covers is fire and lightening damage, so don't expect too much!

 

b)     HO-2. This type of coverage is known as "broad coverage." Broad coverage protects your home against fire and lightening, as well as windstorm or hail, theft, explosion, smoke, damage from vehicles and/or aircraft (although why they'd be in your living room, no one really knows), vandalism, malicious mischief and riots/civil commotion. This is also the coverage that's going to protect you from building collapse, falling objects, damage due to the weight of snow, ice or sleet, water damage from bursting pipes (or other plumbing mishaps), and your hot water tank blowing up. Needless to say, this is a good policy to have!

 

c)      HO-3. This is the "special" policy issued to protect your home from any peril except those specifically named as uninsurable and it's among the most common types of homeowners insurance policies issued every year.  If you're buying an HO-3 policy, just make sure you know exactly what's not covered. The last thing you want is a nasty little surprise waiting for you when you try to file a claim.

 

d)     HO-4. This is the typical "renter's insurance" policy that provides you with the same broad coverage found in the HO-2 policy for your personal belongings, as well as additional living expenses and liability.

 

e)      HO-5. The HO-5 is the most comprehensive insurance policy available on the market, quite literally protecting your home against everything but earthquakes, war, nuclear exposure and flooding. In other words, take Mother Nature and the world's mad scientists out of the equation and you're good to go!

 

f)       HO-6. This is your typical condominium insurance policy, and it's used to insure items not covered by the association (whose coverage stops at the exterior walls of the building and doesn't extend to the rat trapped in between) and personal items and take care of any liability issues that might pop up along the way.

 

g)      HO-8. This is what's known as an "older home" policy among the insurance community. What's it for? Primarily to keep insurance companies from having to use expensive and/or inferior materials to replace or repair elements of an older home. The HO-8 policy brings older homes kicking and screaming into the 21st century.

Anthony M. Peck is the Senior Developer, Software Project Manager, and Director of Business Development for QuoteScout.com. For more information on buying homeowners insurance, please visit them on the web at http://www.QuoteScout.com