305-456-7783Homeowners Insurance
A standard homeowners insurance policy insures your home's structure (house,) and your belongings in the event of a destructive event, such as a fire.
In addition, homeowners insurance policies are generally "package policies." This means that the coverage includes not only damage to your property, but also your liability—that is, legal responsibility—for any injuries and property damage to others caused by you or members of your family (including your household pets).
Insurance for condominiums and co-op- apartments generally covers your belongings, liability and certain parts of the interior structure as defined in the by-laws or proprietary lease.
Renters insurance provides similar property and liability protections to those who don't own their home.
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H0-1
A basic form homeowners policy is just that — basic. It will usually financially safeguard against 10 named perils:
Fire or smoke
Explosions
Lightning
Hail and windstorms
Theft
Vandalism
Damage from vehicles
Damage from aircraft
Riots and civil commotion
Volcanic eruption
HO-2
A broad form policy is a more common type of homeowners coverage. It covers all the perils in an HO-1 policy, plus:
Falling objects,
Weight of ice, snow, or sleet,
Freezing of household systems like AC or heating,
Sudden and accidental tearing apart, cracking, burning, or bulging of pipes and other household systems,
Accidental discharge or overflow of water or steam,
Sudden and accidental damage from artificially generated electrical current
The HO-2 typically covers not only your home's structure, but your belongings and sometimes even your personal liability as well.
HO-3
The HO-3, or "special form," policy is the most common type of homeowners insurance, namely because of its broad range of coverage and general affordability. It covers all the perils mentioned in the HO-2, or "broad form," policy — but it also goes further than that.
Because an HO-3 doesn't limit coverage only to named perils, it often can provide more financial protection than an HO-2. That means that your typical HO-3 form can financially protect you against any and all perils unless your policy specifically mentions them in the exclusions — and if it doesn't, you're covered.
HO-4
This policy type is specifically for renters, since it covers only belongings and personal liability — not the building structure, which the landlord buys insurance for. Belongings are typically covered against the same perils as an HO-2 broad form homeowners insurance policy.
An HO-4 policy, more commonly known as renters insurance, will also usually cover additional living expenses should you need to stay elsewhere temporarily while your apartment is getting fixed up.