Policy Types

HO-1: Basic Form

-Basic coverage policy that

includes a very limited range of

perils.

-typically covers damages

resulting from specific incidents,

such as fire or theft, but may not be

widely available due to its limited

coverage scope.

-ideal for budget-conscious homeowners who

are willing to accept greater risk in

exchange for lower premiums.

HO-2: Broad Form

-expands coverage to include

additional perils compared to the HO-1

policy

-Generally covers

external damage due to common

events, including windstorms and hail,

as well as internal damages from

incidents like water leakages.

-Homeowners seeking a balance

between affordability and a broader

range of protections

HO-3: Standard Form

-Standard form of

homeowners insurance and widely

regarded as the most popular policy for

primary residences

-Offers coverage

for the physical dwelling against all

perils except those specifically

excluded, such as floods or

earthquakes

-all-risk policy, it provides more

comprehensive protection for both the

structure and contents of your home.

HO-5: Comprehensive Form

-enhanced coverage,

-upgraded version of the HO-3.

-This policy not only covers the physical structure of the home on

an all-risk basis, like HO-3, but also

offers extensive protection for personal

property with open perils coverage.

-ideal for homeowners with valuable

belongings or unique assets who want

peace of mind knowing they are

protected against a wide variety of risks.

HO-4 (Renters Insurance):

-Designed specifically for tenants

-covers personal belongings and liability but does not protect the physical

structure itself.

-essential coverage option for renters who want to

safeguard their possessions.

HO-6 (Condo Insurance):

-caters to condominium owners

-interior of the unit and the owner’s personal belongings

-crucial for condo residents to have this specialized coverage as

association insurance typically covers only the building’s exterior.

DP3 (Dwelling Policy 3):

Best suited for those who own rental properties,

this policy protects the structure and offers liability coverage, ensuring

that landlords are safeguarded against potential damages and legal

claims.

BOP (Business Owner Policy):

A package policy designed for small to

medium-sized business.

LLC

a flexible business structure that legally separates your personal assets from your business