Contact Us: ​(409) 945-4746
Brad Spurgeon Insurance Agency Inc.
  • Home
  • Quotes
    • Home Insurance Quote
    • Flood Insurance Quote
    • Windstorm Insurance Quote
    • Other Quotes >
      • Auto Insurance Quote
      • Business Insurance Quote
      • Life Insurance Quote
      • Condo Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
      • Boat Insurance Quote
      • Umbrella Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Policy Review
    • Terms of Use
    • Privacy Policy
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Home Insurance
    • Flood Insurance
    • Windstorm Insurance
    • Other >
      • Auto Insurance
      • Business Insurance
      • Life Insurance
      • Condo Insurance
      • Landlords Insurance
      • Renters Insurance
      • Boat Insurance
      • Builders Risk
      • Umbrella Insurance
  • About
    • Staff Directory
    • Our Partners
    • Agency Photo Gallery
    • Insurance Carriers
    • Client Testimonials
    • Newsletter Signup
    • Careers
    • Refer a Friend
    • Blog
    • News
    • Reviews
    • Videos
  • Contact
  • Home
  • Quotes
    • Home Insurance Quote
    • Flood Insurance Quote
    • Windstorm Insurance Quote
    • Other Quotes >
      • Auto Insurance Quote
      • Business Insurance Quote
      • Life Insurance Quote
      • Condo Insurance Quote
      • Landlords Insurance Quote
      • Renters Insurance Quote
      • Boat Insurance Quote
      • Umbrella Insurance Quote
  • Service
    • Report a Claim
    • Make a Payment
    • Update Contact Info
    • Policy Changes
    • Proof of Insurance
    • Policy Review
    • Terms of Use
    • Privacy Policy
    • Contact My Carrier
    • Online Documents
    • Free Consultation
  • Insurance
    • Home Insurance
    • Flood Insurance
    • Windstorm Insurance
    • Other >
      • Auto Insurance
      • Business Insurance
      • Life Insurance
      • Condo Insurance
      • Landlords Insurance
      • Renters Insurance
      • Boat Insurance
      • Builders Risk
      • Umbrella Insurance
  • About
    • Staff Directory
    • Our Partners
    • Agency Photo Gallery
    • Insurance Carriers
    • Client Testimonials
    • Newsletter Signup
    • Careers
    • Refer a Friend
    • Blog
    • News
    • Reviews
    • Videos
  • Contact

Agency Blog

The Different Types Of Home Insurance Policies Explained

7/8/2024

0 Comments

 
Picture
​Home insurance is a crucial component of homeownership, providing financial protection against various risks and perils. However, not all home insurance policies are created equal. Different types of policies offer varying levels of coverage, designed to meet the specific needs of different types of homes and homeowners. Understanding the different types of home insurance policies can help you choose the right coverage for your property. This article will explain the most common types of home insurance policies and what they cover.
HO-1: Basic Form
The HO-1 policy, also known as the Basic Form, is the most limited type of home insurance. It covers a small number of named perils, including:
  • Fire or lightning
  • Windstorm or hail
  • Explosions
  • Riots or civil commotion
  • Aircraft
  • Vehicles
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Volcanic eruption

Because of its limited coverage, HO-1 policies are not widely available and are often not recommended for most homeowners.

HO-2: Broad Form
The HO-2 policy, or Broad Form, offers more comprehensive coverage than the HO-1. It covers all the perils listed in the HO-1, plus additional perils such as:
  • Falling objects
  • Weight of ice, snow, or sleet
  • Accidental discharge or overflow of water or steam
  • Sudden and accidental tearing apart, cracking, burning, or bulging of a built-in appliance
  • Freezing of household systems like HVAC or plumbing
  • Sudden and accidental damage from an artificially generated electrical current

While the HO-2 provides broader coverage, it is still a named-perils policy, meaning only the perils explicitly listed are covered.

HO-3: Special Form
The HO-3 policy, also known as the Special Form, is the most common type of home insurance. It offers comprehensive coverage for the structure of the home and covers all perils except those specifically excluded in the policy. Common exclusions include:
  • Earthquakes
  • Floods
  • War
  • Nuclear accidents
  • Wear and tear

Personal belongings are covered on a named-perils basis under an HO-3 policy, meaning they are only protected against the perils listed in the policy. Homeowners can add riders or endorsements for additional coverage if needed.

HO-4: Tenant’s Form
The HO-4 policy, or Tenant’s Form, is designed for renters. It covers personal belongings and provides liability coverage but does not cover the structure of the building, which is the landlord’s responsibility. The named perils typically covered under an HO-4 policy include:
  • Fire or lightning
  • Windstorm or hail
  • Explosions
  • Riots or civil commotion
  • Aircraft
  • Vehicles
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Falling objects
  • Weight of ice, snow, or sleet
  • Accidental discharge or overflow of water or steam
  • Sudden and accidental tearing apart, cracking, burning, or bulging of a built-in appliance
  • Freezing of household systems like HVAC or plumbing
  • Sudden and accidental damage from an artificially generated electrical current

HO-5: Comprehensive Form
The HO-5 policy, also known as the Comprehensive Form, offers the most extensive coverage for both the structure of the home and personal belongings. Unlike the HO-3, the HO-5 covers personal property on an open-perils basis, meaning all perils are covered unless specifically excluded. This policy is ideal for homeowners with high-value items or those seeking the most comprehensive protection available.

HO-6: Condo Form
The HO-6 policy, or Condo Form, is designed for condominium owners. It covers the interior structure of the unit, personal belongings, and liability, similar to an HO-4 policy for renters but tailored to the unique needs of condo owners. The condo association’s master policy typically covers the exterior structure and common areas.

HO-7: Mobile Home Form
The HO-7 policy, or Mobile Home Form, is specifically designed for mobile or manufactured homes. It provides similar coverage to an HO-3 policy but is tailored to the unique risks associated with mobile homes.

HO-8: Modified Coverage Form
The HO-8 policy, also known as the Modified Coverage Form, is designed for older homes where the cost to replace the home exceeds its market value. This policy provides coverage based on the actual cash value (replacement cost minus depreciation) rather than the replacement cost, making it more affordable for homeowners of historic or architecturally significant properties.

Choosing the Right Policy
Selecting the right home insurance policy depends on your specific needs, the type of home you own, and the level of coverage you desire. Here are some tips to help you choose:
  1. Assess Your Risks: Consider the risks your home faces based on its location, age, and construction.
  2. Evaluate Your Assets: Take inventory of your personal belongings and their value to determine the level of personal property coverage you need.
  3. Consult an Insurance Professional: Speak with an insurance agent or broker to get personalized advice and recommendations based on your situation.

Conclusion
Understanding the different types of home insurance policies is essential for protecting your home and personal belongings. By selecting the right policy, you can ensure that you have the necessary coverage to safeguard against unexpected events and enjoy peace of mind. Whether you own a house, condo, or mobile home, there is a home insurance policy designed to meet your specific needs. If you’re unsure which policy is right for you, consult with an insurance professional to explore your options and find the best coverage for your home.

At Brad Spurgeon Insurance Agency Inc., we aim to provide comprehensive insurance policies that make your life easier. We want to help you get insurance that fits your needs. You can get more information about our products and services by calling our agency at (409) 945-4746. Get your free quote today by CLICKING HERE. 

Disclaimer: The information presented in this blog is intended for informational purposes only and should not be considered as professional advice. It is crucial to consult with a qualified insurance agent or professional for personalized advice tailored to your specific circumstances. They can provide expert guidance and help you make informed decisions regarding your insurance needs.
0 Comments



Leave a Reply.

    CONTACT US
     (409) 945-4746​ 
    1118 14th Street N
    Texas City, TX 77590
    Click Here to Email Us

    Archives

    April 2025
    March 2025
    February 2025
    January 2025
    December 2024
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    June 2024
    May 2024
    April 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    October 2023
    September 2023
    August 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017
    January 2017
    November 2016

    Categories

    All
    Auto Insurance
    Boat Insurance
    Business Insurance
    Condo Insurance
    FAQs
    Financial
    Flood
    Flood Insurance
    Home
    Home Insurance
    Insurance
    Life Insurance
    Local
    Safety
    Umbrella Insurance
    Windstorm
    Windstorm Insurance

Navigation

Homepage
Insurance Quotes
Policy Service
Insurance Products
Contact Us
Agent Login
Review Us

Social Media

Newsletter Signup

Share This

Texas City Office

Brad Spurgeon Insurance Agency Inc.
1118 14th Street N
Texas City, TX 77590
(409) 945-4746​
Click Here to Email Us

Galveston Office

Brad Spurgeon Insurance Agency Inc.
​335 Westerly Dr
Galveston, TX 77554

(409) 877-7755​
Click Here to Email Us
Website by InsuranceSplash