Home Insurance, Homeowners Insurance Coverage Types in Boston
Homeowners Insurance HO-3 -
- The Most Common Form of Homeowners Insurance is known as “special form” policies.
- HO-3 policies are “open peril” policies, meaning they’ll cover all dangers except those specifically excluded in the policy documentsRenters HO-4 -
Renters Insurance - Tenant’s Form HO-4 -
- HO-4 policies, also known as Renters Insurance, are for people who Rent lease rather than own their homes.
- Tenant’s Renter form Insurance Policies typically cover all the same dangers as HO-2 policies.
- These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
- Some HO-4 policies may also include loss of use coverage for the tenants.
Homeowners HO-5 -
- Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of Homeowners Insurance Policy.
- The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
- An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
- HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Condo Insurance, Condo Form HO-6 -
- Not surprisingly, Condo Insurance is for Condominium Owners. HO-6 Insurance Policies generally protect against the same types of dangers as HO-3 policies.
- They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
- These policies also include personal property and liability coverage and may include loss of use coverage.
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