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How much confusion can there be about homeowners insurance, right? How many people purchase homeowners insurance with the idea that they are covered for everything; then when there is a claim they realize something was excluded? Realize that there are many forms of homeowners insurance depending on your situation.

Here are the basic forms:

HO-3 Special Form: This is the most common type used for comprehensive coverage of single-family dwellings. The HO-3 Form covers all direct damage to the home except the specific named perils that have been excluded. The home’s contents are covered, but usually only on a named peril basis. It is a package that includes loss of use, other structures, and Liability.

HO-4 Renter’s Insurance: This is used by tenants to insure their personal property against named perils. It is a package that generally includes loss of use and $100,000 of liability.

HO-6 Unit-Owners Form: It is a policy which has been specifically designed for condominiums and cooperatives. Condos and Co-ops usually have a master policy paid for through fees to cover the building components. You are responsible for your contents and everything within the walls of your unit. Again, it is a package that includes liability and loss of use.

With any type of Homeowners, it is important to understand the differences in the policies and the forms. Do you realize that there are HO-1, HO-2, HO-5, HO-7, HO-8, and HO10…  Also, understand that each company has their own forms and endorsements specific to them. Always ask questions and read your policy. Some common exclusions are Earthquakes, floods, and water backup. Some geographical areas of the US also restrict or have certain deductibles for Wind.


Be an informed buyer.

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