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Home Owner Insurance Explained Homeowners' insurance policies are designed to protect your dwelling and personal property against losses, primarily paying for damages to your home and its contents. Homeowners insurance can also protect you from financial liability if someone is injured on your property. Common areas of coverage are dwelling fire coverage, contents - personal property, loss of use, separate structures such as a detached garage or shed, premise medical and premise liability insurance. Specialized coverage is also available for jewelry, guns, stamp collections, china, and picture or paintings. Insurance rates vary widely based on geographic location and other factors including how far you are from the fire hydrant and/or fire department, and the type of fire department. If you are in an area where there are hurricanes, floods, hail, earthquakes, and forest fires, you will generally have higher rates. HOME INSURANCE POLICY TYPES HO-1: Limited coverage policy: This “bare bones” policy covers you against the first 10 disasters. It's no longer available in most states. HO-2: Basic policy: It provides protection against all 16 disasters. There is a version of HO-2 designed for mobile homes. HO-3: The most popular policy: This “special” policy protects your home from all perils except those specifically excluded. (All perils except flood, earthquake, war, nuclear accident, landslide, mudslide, sinkhole and others specified in your policy. Check your policy for a complete list of perils excluded.) HO4-Renter: Created specifically for those who rent the home they live in, this policy protects your possessions and any parts of the apartment that you own, such as new kitchen cabinets you install, against all 16 disasters. HO-6: condo/co-op: A policy for those who own a condo or co-op, it provides coverage for your belongings and the structural parts of the building that you own. It protects you against all 16 disasters. HO-8: Older home: Designed for older homes, this policy usually reimburses you for damage on an actual cash value basis which means replacement cost less depreciation. Full replacement cost policies may not be available for some older homes.
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