757 viewsSep 24, 2018, 03:48pm Buying Home Insurance 101: What You Need To Know About Your Coverage Options

Dated: October 8 2018

Views: 86

If you're looking into buying a home, you're probably aware that you're also going to need to buy homeowner's insurance. Navigating policies along can be confusing and overwhelming, which is why we took the time to break down and explain your coverage options. Keep reading to learn how to decode your policy.

There's different types of coverage

Every insurance policy is different, so you'll want to read yours carefully to make sure you understand what's covered. However, there are a few distinct types of policies that you can buy. They are:

HO-1 Basic Form

The simplest form of home insurance, this form is not seen much anymore. Most mortgage companies argue that it doesn't offer enough coverage since only covers specific events, such as:

  • Fire or smoke
  • Explosions
  • Lightning
  • Hail and windstorms
  • Theft
  • Vandalism
  • Damage from vehicles
  • Damage from aircraft
  • Riots and civil commotion
  • Volcanic eruption

HO-2 Broad Form

A broader form of HO-1, this form of insurance is still specified. It covers the above events, plus the following:

  • Falling objects
  • Damage from the 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
  • Your personal belongings
Blog author image

Kristi & TJ Ramella

EXCEEDING EXPECTATIONS! About Kristi: The passion behind Kristi’s success is the belief that when assisting her buyers and sellers with their real estate goals they should be left with a feeli....

Latest Blog Posts

Timing is everything. Patience is essential!

A Day When Americans Can Return to Work Some HighlightsTaking a moment to reflect upon what we’ve heard from historical leaders can teach us a lot about getting through the many

Read More

First-Time Buyer Are Searching For YOUR HOME

First-Time Buyers Are Searching for Existing Homes This YearIn the latest Housing Trends Report, the National Association of Home Builders (NAHB) measured the share of adults planning

Read More

704 SW 1st Terrace 304 Pompano Beach FL 33060 Townhome for Sale

Don’t miss this turnkey townhome in Pompano Beach! You’ll love this charming, move-in ready townhome in Pompano Beach.  It features 3 bedrooms, and 2.5 bathrooms. You’ll

Read More

SOLD! 8251 Grand Prix Ln, Boynton Beach FL 33472 | Home for Sale

One-of-a-kind 2017 built and highly upgraded Provence C model with pool on premium lake lot! Superiorly built by CalAtlantic. Better than new... come see all the customization that is no longer

Read More