If you’re looking for the best home insurance in Claremore, it could be helpful to know that there are actually 8 different types of homeowners insurance you can apply for. Knowing what you need, and what you don’t need, can help you get the coverage you need at the lowest cost. Let’s take a look at the 8 different types of policies:
#1. HO-1 This is the basic policy that most people think of when they hear the word insurance. It protects your home from ten different perils; fire or smoke, explosion, damage from a car, damage from aircraft, hail, lightning, riots, vandalism, theft, and even volcanic eruption. Basic protection only protects the house, not the contents inside. It also doesn’t provide any time of liability protection for accidents that happen on your property.
#2. HO-2 In this expansion of the basic plan, you get everything from HO-1 but you also get liability and some personal property protection. Your home is also protected from a few more things such as water damage from accidental overflow, falling objects, and cracked pipes.
#3. HO-3 Another expansion that includes HO-1 and HO-2, but also any attached structures like your deck or garage. This coverage does not cover guest houses that are being rented out.
#4. HO-4 HO-4 is also called renters insurance. It protects the personal belongings of someone renting property. It does not cover the home as that will be covered by the owner of the home.
#5. HO-5 HO-5 is called a comprehensive form. It covers all types of peril, including those not mentioned like an earthquake, floods, infestation, mold, pests, rust, and even war or nuclear attack.
#6. HO-6 If you have a condo then HO-6 was made for you. This is for condo owners and provides liability and personal belonging protection. They cover some parts of the condo including the walls, floors, and ceiling in your unit.
#7. HO-7 HO-7 is for people that own mobile homes. It protects the mobile or manufactured home.
#8. HO-8 Finally, HO-8 is especially for older homes. If you have an older home you could have unusual problems and older plumbing and eclectic. Many historic or landmark homes have an HO-8 policy.
Make sure to get the proper structure coverage that will protect you financially in a worst-case scenario. To have full coverage you want to not only have the protection for your dwelling but everything you own inside. Additionally, liability coverage products you against lawsuits that could result if there is some type of accident on your property. This includes pets, if your dog bites someone in your yard you could be sued and liability protection will help with that. To get the best price on homeowners’ insurance in Claremore, choose your policy first and then ask for quotes from several companies to do a side-by-side comparison. Choose a plan with the most coverage for the lowest annual premium.