What you should know about homeowners insurance.
Every homeowner knows they need homeowners insurance. This not only makes economic sense, but it gives you the peace of mind that your pocket is protected from the worst hands. When shopping for home insurance you must remember that not everyone is created equal. There are several types of home insurance, and it can be difficult to determine which one you need.
Take a look at the various "forms" for homeowner insurance:
HO-2 Broad Policy: This policy covers all 10 hazards included in a HO-1 policy along with additional six. This type of policy usually covers the structure of your home and your personal belongings as well. Liability protection may or may not be offered.
HO-3 Special Policy: This is the most common type of policy, and it offers general standard coverage.
HO-5 Comprehensive policy: Similar to the above in terms of risk protection, but it can offer greater coverage for your belongings and liability protection
HO-8 Older home policy: This policy has created for older homes where the cost of replacing the home is higher than its actual cash value.
Generally, HO-3 and HO-5 are the ones you are most likely to handle.