Home Insurance in North Royalton, Middleburg Heights, Valley City, OH, Fairlawn, Strongsville, Medina, OH and Nearby Cities

Types of Home Insurance Policies to Choose From

Choosing the right home insurance policy is crucial to ensure your home and belongings are adequately protected. Homestead Insurance Agency provides home insurance in North Royalton, Middleburg Heights, Valley City, OH, Fairlawn, Strongsville, Medina, OH and surrounding areas.  

These are the primary types of home insurance policies you can consider: 

1. HO-1: Basic Form

This is the most basic form of home insurance and offers limited coverage. It typically covers: 

• Fire or lightning
• Hail or windstorm
• Explosions
• Riots or civil commotion
• Aircraft
• Vehicles
• Smoke
• Vandalism
• Theft
• Volcanic eruptions 

2. HO-2: Broad Form

This policy offers broader coverage than HO-1. It includes everything in HO-1 plus additional perils such as: 

• Falling objects
• Weight of ice, snow, or sleet
• Water overflow from plumbing, heating, air conditioning, or household appliances
• Freezing of those same systems
• Sudden and accidental tearing, cracking, burning, or bulging of built-in appliances 

3. HO-3: Special Form

HO-3 is the most common type of home insurance policy. It provides coverage for your home against all perils except those specifically excluded in the policy. Common exclusions include: 

• Earthquakes
• Floods
• War
• Nuclear accidents
• Neglect 

It offers comprehensive coverage for your home structure and covers personal property on a named-peril basis. 

4. HO-4: Tenants Form

This policy is designed for renters. It covers personal belongings and provides liability coverage but does not cover the physical structure of the building. 

5. HO-5: Comprehensive Form

HO-5 offers the most extensive coverage. It insures both your home and personal property against all perils, except those specifically excluded. It typically provides higher coverage limits and fewer exclusions than HO-3 policies. 

6. HO-6: Condo Form

This policy is tailored for condominium owners. It covers personal property and the interior structure of the unit, including alterations and improvements. 

7. HO-7: Mobile Home Form

Similar to HO-3, but designed for mobile or manufactured homes. It offers coverage for the structure and personal property. 

8. HO-8: Older Home Form

This policy is specifically for older homes where the cost to replace the home might exceed its market value. It provides similar coverage to HO-1 but is adapted for homes that may not meet current building codes. 

Choosing the Right Policy 

When selecting a home insurance policy, consider the value of your home, your personal belongings, and the potential risks in your area. Evaluate the coverage options, limits, exclusions, and premiums to find a policy that best meets your needs. Consulting with an insurance agent can also provide personalized advice and help you make an informed decision. 

Would you like to discuss?  Please give us a call, or email us!