About the basic HO-1 form
'H-O-one' stands for homeowner's one. It's the most basic and cheapest policy available. It insures your home against damage from explosion, fire, lightening, hail, windstorm, smoke, theft, vehicles, aircraft, vandalism, riot, and volcanic eruption.
Benefits of homeowners' insurance
For most people, the purchase of a house is the single biggest investment of their lives. Therefore, it makes sense to protect the investment and its contents.
Broad form facts
The broad form is a step above the basic form and is sometimes called homeowner's two. Beyond basic coverage, the broad form insures you against water damage from your plumbing system, falling objects, frozen plumbing system, and ice or snow.
Coverage for house and property
The most complete property coverage for your house is a form of replacement coverage. This coverage is usually equal to the cost of completely rebuilding your home in the event of a total loss, which should not be confused with the market value of your home.
Determining coverage for contents
The amount of coverage you have on your home is usually directly proportional to the amount of protection you have on its contents. Typically, your contents are covered for up to half of the value for which your home is insured.
Excess liability coverage
If you're worried about expenses that exceed the liability limits of your current insurance policy, you might be interested in excess liability coverage.
Homeowners' personal injury coverage
If your dog was to bite someone or if one of your neighbors was to trip and fall down your stairs, you could be held responsible for the damages and any or all medical expenses incurred.
Miscellaneous coverage
There are several different types of additional home coverage that you may wish to investigate. First, there is umbrella liability insurance. With the large number of lawsuits being filed today and the large amounts of money the courts are awarding, for many families, an umbrella policy takes over where homeowner's coverage leaves off.
Mobile home coverage
Purchasing a mobile home can be one of the biggest investments you'll ever make. It makes sense to protect your investments, so purchasing insurance on your mobile home is only logical.
Renters and condo owners
If you live in an apartment or condominium, you will probably want renter's insurance. This will cover any personal property that is damaged by theft, fire, vandalism, explosion, or flooding.
Using the comprehensive form
The most extensive homeowner's policy you can buy is the comprehensive form, also known as homeowner's five or an all risks policy. Comprehensive insurance covers everything from your personal belongings within your home to disaster damage to your home.
What about the special HO-3 form?
The special form, or homeowner's three, is a comprehensive insurance policy that has a specific list of exclusions. Generally, homeowner's three excludes normal wear and tear on the house, mechanical breakdown, continuous water seepage and vandalism to an unoccupied home.


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