Homeowners insurance is an insurance policy that combines various personal insurance protections, which can include losses occurring to your home, its contents, its loss of use, or loss of other personal possessions, as well as liability for accidents at home. The cost of homeowners insurance depends on what it would cost to replace the house and which additional coverages are attached to the policy. The insurance policy is a lengthy contract, and names exclusions, what will not be paid in the case of various events .

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The HO-3 and HO-5 (homeowner’s form 3 & 5) are the most commonly written policies for homeowner and are designed to cover all aspects of the home, structure and its contents as well as any liability that may arise from daily use, as well as any visitors who may encounter accident or injury on the premises. Covered aspects as well as limits of liability must be clearly spelled out in the policy to insure proper coverage. The coverage is usually called “all risk”.

The HO-4 policy provides renter’s insurance. This policy covers those aspects of the apartment and its contents not specially covered in the blanket policy written for the complex. This policy can also cover liabilities arising from accidents and intentional injuries for guests as well as passers-by up to 150 feet of the complex.

The HO-6 policy is also known as a Condominium Coverage. It is designed especially for the owners of condos. Designed span the gap between what the homeowner’s association might cover in a blanket policy written for an entire neighborhood and those items of importance to the insured including liability.

In addition, a Dwelling Fire policy is generally available for non-commercial owners of rented houses,, coverage property damage to the structure, and sometimes to the owner’s personal property (appliances and furnishings). The owner’s liability is generally extended from their own primary home insurance, and does not comprise part of the Dwelling Fire policy. It is a counterpart to the HO-4.

If you have any questions, please a Vantage professional.

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