Single-family homes are the most common type of housing found in the United States. As a result, there are various home insurance policy options to meet each household’s unique needs. The coverage you select should be based on the specific type of structure and the possible threats it faces. Here are a few standard options.

What Are Some Common Forms of Homeowners Insurance?

1. HO-1

An HO-1 policy is the most basic form of home insurance. It protects the home’s physical structure from specific perils listed in the policy, including fire and smoke, lightning, windstorms and hail, theft and vandalism, explosions, vehicle and aircraft damage, riots and civil commotion, and volcanic eruption. Usually, this type will not provide coverage for liability, personal belongings, or additional living expenses, which is why many states no longer offer it. 

2. HO-2

The HO-2 form is also a named-peril policy. It provides coverage for all the same perils included in the HO-1 policy and damage from falling objects and water damage caused by accidental overflow from plumbing, HVAC, and household appliances. In addition to the physical structure, it also covers personal property within the home.

3. HO-3

Most people prefer the HO-3, or special home insurance policy, because it provides a broad range of coverage for the physical dwelling, additional structures, and medical and liability costs. Only perils specifically excluded in the policy won’t be covered. These commonly include earthquakes, floods, landslides or mudslides, nuclear accidents, sinkholes, power failures, and neglect.

This policy will also provide named-peril coverage for personal belongings. Usually, this will include the same perils listed in an HO-2 form.

4. HO-5

The HO-5 form is a more comprehensive and costly version of the HO-3 policy. It provides coverage for the dwelling and personal property. Only perils that have been specifically listed will be excluded. 

5. HO-8

Older homes with a replacement cost higher than the property’s actual cash value will need an HO-8 insurance policy. These are usually registered landmarks or architecturally significant structures that have undergone few renovations and consequently don’t qualify for the more common policies. This type will cover the specific list of perils typically covered in an HO-1 or HO-2 form.

When you need home insurance, turn to Texas County Mutual Insurance in Licking, MO. This insurance firm is completely owned by local farmers and business owners who act as policyholders. They are partnered and affiliated with several national and local organizations to provide the best selection of property, mobile home, and farm insurance. Call (573) 674-3125 to receive an insurance quote, and visit them online to learn more about their services.