Understanding the Differences Between HO-3, HO-4, HO-5, and HO-6 Home Insurance
Choosing the right home insurance is crucial for protecting your home and belongings. Here’s a quick guide to the four common types of home insurance: HO-3, HO-4, HO-5, and HO-6.
HO-3 Insurance: “Standard” Homeowners Policy
- Dwelling Coverage: Covers your home structure against all perils except those specifically excluded (like floods and earthquakes).
- Personal Property Coverage: Covers named perils listed in the policy.
- Liability Protection: Covers legal expenses and damages if someone is injured on your property.
- Additional Living Expenses: Covers temporary housing if your home is uninhabitable due to a covered peril.
HO-4 Insurance: Renters Insurance
- Personal Property Coverage: Protects belongings against perils like theft, fire, and vandalism.
- Liability Protection: Covers injuries or damage you cause to others.
- Additional Living Expenses: Covers temporary accommodation if your rental is uninhabitable.
HO-5 Insurance: Comprehensive Homeowners Policy
- Dwelling Coverage: Similar to HO-3, covers all perils except those excluded.
- Personal Property Coverage: Covers all perils except those explicitly excluded, providing broader protection.
- Liability Protection: Covers legal expenses and damages if someone is injured on your property.
- Additional Living Expenses: Covers temporary housing costs.
HO-6 Insurance: Condo Insurance
- Dwelling Coverage: Covers the interior structure of your condo unit.
- Personal Property Coverage: Similar to HO-3 and HO-4, protects belongings against specified perils.
- Liability Protection: Covers injuries or damages within your unit.
- Loss Assessment Coverage: Covers your share of losses assessed by the condo association.
Choosing the Right Policy
- HO-3: Ideal for homeowners needing “standard” coverage.
- HO-4: Best for renters needing personal property and liability protection.
- HO-5: Offers comprehensive coverage for homeowners seeking extensive protection.
- HO-6: Suited for condo owners needing to cover their unit and personal property.
Review your policy details and consult an insurance professional to ensure you have the right coverage for your needs. Give us a call at 734-453-6000 or easily request a review of your coverage online here!
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