What Are the Different Types of Home Insurance Policies?

Different types of home insurance policies are tailored to the available housing options.

Residents should have the correct insurance policy to financially protect themselves and their property from potential incidents, such as fire or theft.

Before choosing an insurance policy, it’s essential to familiarize yourself with the coverage options.

Types of Home Insurance Policies

The following are the eight types of home insurance policies:

1. 1. H0-1 (basic form) has the most limited coverage, and because of this, it is rarely sold today. It traditionally offers financial coverage only for the home’s physical structure and personal belongings at their actual cash value. It typically excludes liability coverage, medical payments coverage and coverage for additional living expenses while the home is uninhabitable due to a covered peril. It is a named-perils policy, meaning it protects only against specific listed perils like fire, windstorm and theft.
   2. H0-2 (broad form) is a named peril policy but offers broader coverage. It protects the physical structure at replacement cost value and typically includes liability and additional living expenses coverage.
   3. H0-3 (special form) is the most common type of homeowners insurance for single-family homes. It protects the structure and personal belongings against all perils (except those explicitly excluded). It also includes liability and additional living expense coverage. This policy is typically suitable for most homeowners.
   4. H0-4 (contents broad form) is designed for renters. It covers personal property and liability but doesn’t include structural coverage since renters don’t own the building.
   5. H0-5 (comprehensive policy) offers the highest level of coverage for a single-family home. It is commonly recommended for high-value properties that need more extensive dwelling coverage limits, extra protection for possessions and access to add-on coverages that are unavailable on other policies.
   6. H0-6 (unit owners policy) is known as condo insurance. It covers personal property, walls, floors within the unit and liability. The condo association’s master policy typically covers the building structure and shared spaces.
   7. H0-7 (mobile home policy) is tailored to mobile or manufactured homes. It protects the structure and personal property specific to these homes and includes liability protection.
   8. H0-8 (modified coverage policy) is typically for older homes that cost more to rebuild than their market value. It covers the structure based on its replacement cost, even if it exceeds the home’s worth. It generally covers only the structure and contents against a specific list of perils and provides liability and additional living expenses coverage, though more limited than standard homeowners insurance.

   Homeowners Insurance in West Des Moines, IA

   Contact McCartan Insurance Group to discuss your homeowners insurance needs. We can tailor a policy to your specific type of home.

   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.