Choose what’s best for you.
by: Christine Zafra
Insurance companies offer clients and future clients a lot of options to choose from. They offer flexibility in terms of what insurance type they need, how much they can afford and so on. Here are the most common insurance types offered by today’s insurers:
1. HO-1: covers objects specifically mentioned under the policy (i.e. paintings and valuables).
2. HO-2: covers areas of the house and the things inside it (i.e. kitchen and the china cabinet that contains silverware).
3. HO-3: covers the whole house and the things inside but the liability is limited (i.e. fire, flood and earthquake ONLY).
4. HO-4: covers the apartments of the renters (i.e. any damage or injury within 150 feet).
5. HO-5: similar to HO-3 but the range of damage included is wider (i.e. riots, fallen objects etc.).
6. HO-6: similar to HO-4 but this policy is for condominium residents.
7. HO-7: policy for mobile home owners.
8. HO-8: covers old houses and the replacement costs that the owner will incur.
Photo taken from http://www.stoel.com