Types of Homeowners Policies - Did You Know

Single dwelling homeowners policies

This policy offers a comprehensive package of protection against losses or damage to your house and its contents caused by fire, windstorm, vandalism, theft and personal liability, among others. In addition to coverage to the structure, homeowners policies usually contain additional types of coverage: additional living expenses, personal liability and medical payments.

Condominium

This type of policy insures for the contents and property not covered by the condominium association’s policy.

Tenants or Renters

In addition to its availability to homeowners, similar protections are available to those who rent homes or apartments. If you are a renter, you do not need protection against damage to the building itself, but you do
need protection against damage to or theft of your personal property and liability in the event someone falls or gets hurt on the part of the premises you rent.

Types of Coverage

Homeowners Basic Form (Form 1)

Covers damage due to fire or lightning, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion, riot or civil commotion, glass breakage, smoke, volcanic eruption, and
personal liability.

Homeowners Broad Form (Form 2)

Covers damage due to perils listed in Form 1, plus building collapse; freezing of or accidental discharge of water or steam from internal plumbing, heating, air-conditioning systems or domestic appliances, falling objects, weight of ice, snow or sleet, rupture or bursting of steam or hot water heating systems, and personal liability.


Homeowners Special Form (Form 3)

Covers risk of direct loss to physical property except with certain specified exclusions, such as earthquake and flood, for damage to or loss of he home (dwelling) or other structures such as a garage; all perils covered
by Form 2 for damage to or loss of personal property (damage to contents); and personal liability. Form 3 is more comprehensive and offers more protection than Form 2.


Tenants Homeowners or Cooperative Homeowners Form (Form 4)

Offers coverage for personal property for all of the perils covered under Homeowners Form 2 including personal liability.


Homeowners Form (Form 5)

Covers damage to physical property and contents, except with certain specified exclusions, such as earthquake and flood, for damage to or loss of the home (dwelling) or other structures such as a garage, and
personal liability. Form 5 is more comprehensive and offers more protection than Form 3.


Condominium Homeowners Form(Form 6)

Form 6 is designed for condominium owners to cover their personal property and liability, their portions of the building and loss of use from the same perils as Form 2.