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Types of home insurance

If you consider insuring your house, then you may want to learn more about the different types of home insurance available. The Homeowners 2000 Program comprises 6 major policies that cover renters, homeowners and owners of cooperatives or condominiums. The HO-1 policy offers narrow coverage, insuring against lightening or fire damage.

The HO-2 is a named-perils policy also known as "broad coverage" that covers such perils as explosion, fire, hail, lightning and windstorm. HO2 also covers building collapse, accidental discharge of steam or water from within air-conditioning, heating or plumbing, weight of sleet, ice or snow, falling objects and bursting or rupture of hot water or steam heating systems.

The H03 is the most popular type of policy among homeowners. It insures your home against damage or loss from every peril except those that are specifically excluded. HO-4 insures the contents and personal belongings within your household against the perils of the HO-2 policy. This type of policy is designed for renters of houses, apartments and rooms. HO-5 is an open perils policy that includes direct loss or damage to personal property unless it is specifically excluded in the policy. The HO-6 is a modified HO-2 policy designed for cooperatives and condominiums owners. The policy covers such semi-permanent structures as wallpapers, carpeting, kitchen cabinets and built-in appliances.

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