Home owner?s insurance is a very important insurance policy to have. Anyone who owns their own home or is buying their own home should make sure to be covered under this type of policy. A home is most individual?s single largest asset and needs to be protected against outside circumstances. House insurance is actually a requirement for most lenders in order for them to approve your loan to purchase a home.
The most basic house insurance coverage is known as HO-1. This protects your dwelling place and personal property from lightning and fire, wind storms, large hail, from airplanes, vandalism, and civil commotion.
The second level of house insurance coverage is know as HO-2. This particular type of house insurance covers basically everything that HO-1 covers. It then goes on to additionally covers any type of falling object that might damage your house. It also covers damage caused by ice and snow, building collapse, sleet, overflow of water, damage caused by water heaters, air conditioning and heating, as well as accidental damage done by electrical currents.
The third type of house insurance is HO-3. This policy is pretty similar to HO-2 with the addition of protecting against liability from any visitors who may get injured on your property. This is the most common insurance policy that individuals purchase for their homes.
HO-4 is the next type of house insurance policy. This type of policy is usually known as renter?s insurance. It?s a policy specifically made for individuals who do not own the property they are getting protected.
These are just a few of the different types of house insurance policies that are available for you to choose when insuring your home. Keep in mind that if you are thinking of buying a home, you will definitely need to have home owner?s insurance before you will be approved by most lenders for a loan.
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