Choosing your Homeowners Insurance Policy Part 1

One of the most important things in life is to purchase an insurance policy for your home and belongings. When purchasing a home, buying a homeowners policy is the most responsible first step you can take. There are a lot of issues that come up when you are a first time home owner that may cause for you to need insurance coverage, weather disasters, burglary, fires, floods, etc. There are several different types of home insurance specifically designed for potential risks and types of homes. Read on to learn about the different types of home insurance and tips to follow when deciding on your policy.

HO-1, 2, and 3

One of the most common types of home insurance is known as the HO-1. This is basic coverage that protects homeowners from natural disasters and catastrophic claims only. Typically, an area that is not covered in this type of insurance are floods and earthquakes; this requires an additional policy. An HO-2 otherwise known as broad homeowners insurance covers more than an HO-1 and issues that result from natural disasters like ice, sleet, damage to home pipes etc. HO-3 insurance is special form insurance that will cover additional or attached structures toy our home. These structures can be a pool house, garage, shed, in law quarters, or deck, etc. Any damage to these structures will be covered by this policy.

Renters’ Insurance

You may think if you do not own a home that you do not have to worry about insurance for where you live. Renters’ insurance, or HO-4,  is essential when renting from a private landlord or even an apartment complex. Most places that you will rent from offer a packet of information and companies that they partner with for renters’ insurance. This will protect you from loss of personal property on the property you are renting from. This will not cover any damage done to the apartment; damages to the actual apartment or home will be covered by the landlord’s policy.

Let’s Review!

How do you begin to know what potential risks you are taking by purchasing a home? A good first step is analyzing the options above and letting Insuravita help you choose the correct policy. Comparing these types of insurance seems complicated at first. Here is a recap of what we discussed above. You would choose an HO-1 policy only if you do not anticipate needing extensive coverage. This is a basic form of insurance and can sometimes leave out essential areas that need additional coverage. An HO-2 policy goes one step further to cover personal items within your home and specific weather issues mentioned above. You would choose an HO-3 to have more coverage than an HO-1 policy but at a more affordable cost, this is the most common form of home insurance.

The Takeaway

Make sure to go to and get yourself a quote. This will help you to compare your rates and choose the best policy that fits your needs and budget. Look to our next article at that will focus on four other types of home insurance that may apply to you and your family.

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  1. During the beginning stages, you should be considering your business plan. A few key points in your business plan should be sales, marketing, advertising and insurance! Make sure that you are going through the proper channels to push forward into success. Insurance can be for the overhead in the business itself or employees. Considering your location is essential. Hence, in California, you must consider if your business needs external insurance for fire or earthquakes. You can check into choosing the right insurance for the area here

  2. Anonymous on July 20, 2019 at 10:49 pm

    the article will help alleviate stress for first time home buyers. The next step is to check out our article on all things home

  3. Dahlia Aschenbach on December 2, 2019 at 4:34 am

    I am impressed with this site, very I am a fan.

  4. Randal Hettwer on December 2, 2019 at 5:39 am

    Regards for this post, I am a big big fan of this website would like to continue updated.

  5. Hairstyles on December 4, 2019 at 2:30 pm

    Great blog post. Some tips i would like to bring up is that pc memory has to be purchased if the computer still cannot cope with everything you do with it. One can mount two good old ram boards with 1GB each, for instance, but not certainly one of 1GB and one having 2GB. One should check the company’s documentation for one’s PC to make sure what type of memory space is required.

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