There are a several standard homeowners’ policies, or forms as they are referred to in the industry, designated by an alphanumeric name such as HO-1. Each policy varies by the degree of dwelling and personal property coverage it provides. The liability coverage is the same for all policies.
SSIC’s most popular polices are HO-1 (basic homeowner’s coverage) and HO-6 (condominium coverage). The following table describes some other common types of polices.
| HO-1 |
Basic homeowners policy. |
Covers your house and possessions against 11 different perils. |
| HO-2 |
Broad homeowners policy. |
Covers house and contents against 17 perils, with premiums running about
5 percent to 10 percent more than an HO-1 policy. |
| HO-3 |
Special homeowners policy. |
Covers all perils except those specifically excluded by the policy. Costs
10 percent to 15 percent more than an HO-1 policy. |
| HO-4 |
Renters Policy. |
Covers 17 named perils and includes liability coverage. It does not insure
the dwelling itself. |
| HO-5 |
Extensive homeowners policy. |
Covers damage from practically everything except earthquakes, wars and
floods. |
| HO-6 |
For owners of co ops or condominiums. |
Provides personal property coverage, liability coverage and specific
coverage of improvements to the owner’s unit. Insurance provided
by the owner’s association normally covers most of the actual structure. |
| HO-8 |
Policy for older homes. |
Covers the same perils as HO-1 but pays only for repair costs or actual
cash value, since replacement cost could make the policy costly. |
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