Home Insurance

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A home insurance policy give a cover to all the belongings of the house, that include the house, the various contents of the house, loss of good in the house, any form of damages that may occur to the house, damages that may occur due to the regular use of the house etc.

The premiums and the cost of insurance of the house depend on the contents of the house and the total value of the house with its contents. It also includes all the other factors and transaction cost that the company will incur. The home insurance policy is a very long document and states all the contents of the house and the all things that the person wants to insure as part of the house insurance policy. Any damage done to the property due to floods or any other act of god and war is excluded in the home insurance policy.

Home insurance policies are usually for a fixed period of time and are for a fixed term after which it can be revised. The insurer pays a fixed sum of money to the insurance company as premium to cover all the risk of house insurance policy. This premium must be paid to the insurer at regular internals if the insured does not want his policy to lapse. The premium to be charged on house insurance is usually decided depending upon the risk that is involved in insuring the property and the likely hood of the even t actually occurring. The premiums to be paid will be lower if the house has good safety equipment like fire extinguishers or sprinklers and will charge a greater rate of premium of the house is located at a place where floods and hurricanes occur more often.

It should be noted that in the United States most of the homes are brought on mortgage loans and the credit companies are very strict and the customer have to mandatorily take house insurance on such properties to cover the loss that may occur to the house due to any risk that may occur. The insurance document should have the names of the people who have insurable interest on the property. The credit giving company will make it not mandatory to buy house insurance if the value of the amount due is lesser than the insurance premium to be paid. In such a state even if the property is fully destroyed the lender will be able to recover the money given as loan by doing a bank foreclosure. In states like Florida where floods and hurricane occur often the property owners have to pay large sums of money as premium to the insurance companies to cover their property.

1. HO-1
In this type of policy the coverage is given according to the demands of the owner and only to the items listed in the terms and conditions of the policy. These are often used to cover expensive goods at home like jewelry, painting, pottery etc.

2. HO-2
HO-2 policy is very similar to HO-1 policy however the main difference is that it covers only specific portions of the house. These areas that would be covered in this are very specifically mentioned in the policy documents. All the details are clearly mentioned in the policy document.

3. HO-3
HO-3 policy is the most common policy used by home owners and covers all the items and valuables in the house. It covers the house as a whole and also covers any structural damages that may occur to it. It also covers the house against damages done due to regular usage of the property and also damages done by people who visit the house. It also covers any visitor who may claim to have met with an accident in side the insured premises. All the aspects that are covered are clearly mentioned in the policy document and should be checked properly for proper coverage. This type of policy is also known as all risk policy.

4. HO-4
This is type of policy is also known as the renters coverage policy or renter insurance. This covers the house or premises and also its contents against all types of damages. These also at many times cover the person against any accidents that may occur on the premises to a passer by or a person visiting the premise. It also covers the insured against various acts of god.

5. HO-5
This policy is similar to HO-3 policy and covers the house, the owner of the property as well as the items in the house against any damages done to it. This policy is a more elaborate policy and covers more aspects compared to the HO-3 type of a policy.

6. HO-6
This type of policy is mainly developed for people who live in condos and is known as Condominium Coverage. It covers the property that is insured and also any property that is housed in this property. It covers all the people from the home owner to the guests who visit the property. The premium to be paid and the coverage is to be offered is decided by the insurance company. The insurance usually covers the property against theft, fire or water damages. It is very important for one to read all the policies and statements before buying insurance.

7. HO-8

This type of insurance is given to people who have old houses and the cost of replacement of this is very expensive. This type of home insurance is known as "older home insurance".

Non-commercial home owners can also take an additional insurance known as Dwelling Fire policy which covers the house against and damage that may occur due to fire. This type of policy covers the property and also the belongings of the person inside the insured property.

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