Understanding the Different Types of Homeowners Insurance Policies

Choosing an appropriate homeowners insurance policy is crucial to protecting your financial well-being. R.M. Price Insurance Agency can help you learn more about your options and select suitable coverage.

Common Types of Homeowners Insurance

In Ohio, many policy types are available, each offering different levels of coverage. Here are some common types:

• HO-3 is the most common policy for single-family homes. It may cover your dwelling against all perils except those specifically excluded, such as floods or earthquakes. Personal belongings may be covered against named risks like fire, theft or vandalism.
• HO-5 offers broader coverage for your home and personal property. It may cover more risks and may provide higher limits.
• HO-4 is for renters. It may cover personal property and provide liability coverage, but it does not insure the building itself.
• HO-6 is for condo owners. This may cover the interior of the unit, personal belongings and liability. The condo association’s master policy usually covers the building’s exterior.

Essential Coverage for Your Home

Standard home policies may include the following types of coverage:

• Dwelling coverage may reimburse the cost of repairing or rebuilding your home’s structure after a covered event.
• Personal property coverage may pay to repair or replace appliances, electronics, furniture and other belongings if they were stolen or damaged by a covered event.
• Liability coverage may compensate third parties if they are accidentally injured on your property or if you cause them property damage. This may also cover your legal fees in a related lawsuit.
• Loss-of-use coverage may pay for hotel bills, meals and other living expenses if you must vacate your home temporarily following a covered event.

Find Home Insurance in Cincinnati, OH

Our team at R.M. Price Insurance Agency can help you compare home insurance options and customize your policy. Request an instant quote today or contact us to talk with one of our agents.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.