What You Need To Know About Homeowners Insurance
December 13, 2017
December 13, 2017
When purchasing a home you definitely want to make sure you have insurance coverage on the property and your personal belongings. If you have a loan on the property, the lender will require homeowners insurance. But make sure you understand what type of coverage you are getting. Below is a list of the different types of policies and some of the items/events that are covered.
HO-1 Policy – This is the most basic coverage and is very limited. Typically, the policy covers damage as a result of fire, lightning, windstorms, hail, and more. Many states no longer allow this policy to be sold.
HO-2 Policy – Again, a basic policy but it does allow more coverage. This policy will typically cover not only the items listed under a HO-1 policy but also the weight from snow and ice; flooding from your appliances, plumbing, and HVAC; glass breakage; and more.
HO-3 – This is the policy most homeowners choose because it covers more possible causes of damage to your home and loss of your personal property with the exception of specifically listed events such as earthquakes, wars, nuclear accidents, landslides, and more. You may purchase additional coverage for some of these specific items but you definitely need to shop prices with insurance companies. Make sure you are getting quotes on the same type of coverage with the same deductibles in order to protect your investment.
Master Brokers | 828-726-9180 | debbiewboone@gmail.com
Information from Houselogic.com and TheNest.com
