. This type of policy covers your belongings and includes coverage for liability and additional living expenses. An HO-4 doesn’t cover the physical structure, which is the landlord’s responsibility.An HO-5 policy offers the highest level of protection for your home and belongings. This policy, not offered by all home insurance companies, covers your house and belongings under all circumstances except for problems specifically excluded from the policy.
covers damage unless excluded from the policy. Coverage of belongings is limited to specific perils listed in the policy. An HO-7 policy generally only covers a mobile home when it’s stationary.An HO-8 policy is for older and historic homes. These homes usually have a rebuilding cost higher than the house’s market value. An HO-8 policy covers the house and its contents for 10 specific problems, such as fire, windstorm, hail, smoke, theft and vandalism.
Review each basic coverage type and adjust the amounts to fit your specific needs. You can then build on that base with extra coverage if needed. Here’s what that might look like:The amount of dwelling coverage you need depends on the cost to rebuild your home. This amount should be based on local construction and material costs. Your home insurance company can provide an estimate for the dwelling coverage amount you need, as it’s challenging to determine the right amount on your own.
You can get free home insurance quotes online or through an insurance agent. Online home insurance quote options include going to an insurance company’s website or by visiting a website that offers multiple quotes at once. In that case, you can indicate what coverage you want and let the online tool provide a side-by-side comparison.
An insurance agent is another option. You can get quotes from multiple companies by using an independent insurance agent. A “captive” insurance agent works only with one insurance company.
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