Home insurance is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner or the renter, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
There are more than 8 types of homeowners insurance including HO-1, HO-2,…HO-8 and DP-3. However, there are 4 common types of home insurance:
- HO3: is for dwelling Owner and owner occupied;
- HO6: is for condo/apartment Owner and owner occupied;
- DP3: is for Homeowner but tenant occupied;
- HO4: is for Tenant.
