All home insurance policies will be constructed on standard Insurance Services Office (ISO) policy forms, despite the fact that insurance companies may brand homeowner policies with fancy policy form names or include additional coverages to offer more competitive products.
Among these are the following:
The HO-1 is a basic form policy that only covers 10 named perils on the building and its contents.
It provides the most basic coverage.
This is the standard home insurance policy. This form is a broader version of HO-1 that covers more than the basic 10 named perils.
It offers a cost-effective means of maintaining more limited coverage for the movable parts of your home (your personal belongings) while still having all-risk coverage for your building. 16 specific dangers are covered for those items.
The HO-5 is a comprehensive policy that includes coverage for medical expenses as well as all-risk coverage for the building and contents (your personal belongings).
The best protection is provided by this kind of policy.
Insurance for condos The contents of the condominium’s interior walls are frequently covered by this.
It only covers a small area. It is frequently utilized for older homes whose market value may be less than the cost of reconstruction or whose construction materials are of a quality that is difficult to find in modern times.
