Gateway Insurance

Do You Have The Right Home Insurance Policy?

Feb 28, 2015

Types of Home Insurance When looking for the right homeowners insurance policy, especially if it is for your first house, you may be surprised to learn that there are many different types of policies. Knowing what each policy will provide coverage for will help to ensure that you invest in the right policy for your needs. Keep these home insurance basics in mind to make sure that you choose the best home insurance policy for your new home.
  • HO-1 and HO-2 home insurance policies do not provide any coverage for personal property inside a home. They will only provide coverage for damage that is specifically listed on the policy.
  • HO-3 home insurance policies are the most common homeowners insurance policies and will provide coverage for any type of disaster, except what is specifically excluded from the policy. An HO-3 policy will also provide coverage for personal property, but only for damages that are specifically listed.
  • HO-5 home insurance policies will provide the same amount of coverage as HO-3 home insurance policies, but with expanded personal property coverage. Some insurance companies will not write HO-5 home insurance policies but will provider riders that can be added onto HO-3 home insurance policies that will provide the extra personal property coverage.
  • HO-4 and HO-6 home insurance policies will only provide coverage for personal property that is kept inside a home, and only for damage that is specifically listed. HO-4 policies are meant for renters and HO-6 policies are meant for condo owners.
Talking with your insurance agent is the best way to ensure that you invest in the right home insurance policy. For all of your homeowners insurance coverage needs and to ensure that your home and your assets are protected from any situation, contact the insurance professionals at Gateway Professional Insurance Services in Vacaville, California.
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