Robin L  Conner
Robin L Conner, Keller Williams Preferred RltyPhone: (773) 220-3255
Email: [email protected]

Guide to types of homeowners insurance policies to know

by Robin L Conner 09/25/2023

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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. 

What is an HO-1 home insurance policy?

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. 

What is an HO-2 home insurance policy?

An HO-2 insurance policy offers a wider range of coverage. It provides financial security to home structure and personal property. 

What are HO-3 home insurance policies?

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. 

What is HO-4 Renters Insurance?

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.

About the Author
Author

Robin L Conner

Robin has been a licensed Illinois Real Estate Broker since 2002 and has a genuine passion for real estate. She Joined the Keller Williams family in 2010, where she has been an active member of the Agent Leadership Council. She was one of the founding members of a Chicago area Keller Williams brokerage. Since opening, Robin has again been a valued member of the Leadership Team as well as assisting other agents reach their goals through training, coaching, and mentorship.