Insuring the Property

Homeowner's Insurance Forms

There are five types of homeowner's policies. Let's take a look at them.

HO-1: Provides only minimal basic protection. Due to its many restrictions on coverage, it is available in only a handful of states.

HO-2: Costs about 10% more than HO-1, but removes many of the restrictions imposed by an HO-1 policy.

HO-3: An all-risk policy. Costs about 25% more than HO-1, but covers everything not specifically excluded in the policy.

HO-6: Used if you are purchasing a condominium.

HO-8: Used for unique or historical structures.

NOTE: Certain states may use different HO designations.

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