What kind of home insurance do I need? |
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Q: What kind of home insurance do I need?There are several diffenant types of home insurance, depending on if you rent, own, live in an owner occupied home, it the unit is rented to an other party, if it is a condo, coop, townhouse: Below is a list of the most common forms of Home Insurance. HO-1 or HO1 - Basic Home Insurance* Basic homeowners policy * Covers your house and possessions against 11 different perils. HO-2 or HO2 - Broad Home Insurance * Broad homeowners policy * Covers house and contents against 17 perils, with premiums running about 5 percent to 10 percent more than an HO-1 policy. HO-3 or HO3 - Special Home Insurance* Special homeowners policy * Covers all perils except those specifically excluded by the policy. Costs 10 percent to 15 percent more than an HO-1 policy. HO-4 or HO4 - Tenant or Renters Insurance* Renters Policy * Covers 17 named perils and includes liability coverage. It does not insure the dwelling itself. HO-5 or HO5 - All Risk Home Insurance (The Best) * Extensive homeowners policy * Covers damage from practically everything except earthquakes, wars and floods. HO-6 or HO6 - Coop Insurance or Condo Insurance* For owners of a coop or condo * Provides personal property coverage, liability coverage and specific coverage of improvements to the owner’s unit. Insurance provided by the owner’s association normally covers most of the actual structure. HO-8 or HO8 - Actual Cash Value Home Insurance * Policy for older homes Covers the same perils as HO-1 but pays only for repair costs or actual cash value, since replacement cost could make the policy costly. * Well-suited for older homes whose market value is considerably less than the cost to rebuild them
Long Island House Insurance |
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