With all the different types of homeowners insurance, the process of choosing a policy can be confusing.
To help, here’s a basic guide to some major types of insurance policies.
HO-1 insurance is the simplest of policies offered. It only covers your home structure and a few home features.
It also covers attached structures such as garages and patios. This policy offers funding in the case of storms, fire, wind damage, theft and a few other peril categories.
HO-1 insurance doesn’t cover personal belongings, however. So if your computer or furniture is damaged during a storm, replacement cost would need to be covered by another policy.
An HO-2 insurance policy offers a wider range of coverage. It provides financial security to home structure and personal property.
An HO-3 home insurance policy is the most common homeowners insurance type. In addition to coverages seen with HO-1 and HO-2 policies, it covers additional items. These include liability, payments for medical bills and living expense stipends.
HO-4 is a policy offering protection to the personal property of individuals renting a space. It is not technically a homeowners insurance policy, but important for renters to have.
Consider your home needs when purchasing homeowners insurance. Protect your property and belongings with the right insurance.
Sergio Evora is a Broker Associate at BrokerNation Real Estate and has been acknowledged as the #1#1 Top Producer for his Company. Sergio was recognized # 1 Real Estate Agent for Total Sales Volume and Total Closed Transactions for 2020, 2021 and just recently in 2022.
With over 28 years of Residential Real Estate experience, Sergio has built a reputation for achieving superior results for his clients. He assists buyers & sellers by utilizing his extensive knowledge of Miami’s investment opportunities, market knowledge, digital advertising, marketing expertise, keen negotiating skills and wide-ranging connections. Sergio’s extraordinary principles and ability to generate successful transactions is leading his clientele to consistently look to him for high-quality service. He is a Member of The Institute for Luxury Home Marketing with access to an extensive referral network.
Sergio’s passion is his family, volunteering, travel and his business.
