Month: July 2023

What are my home insurance options?

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Home insurance offers eight forms – five forms for houses, one for mobile homes, one for condos, and one for renters. This blog explains the differences between the home insurance forms, so clients of Guy Hurley McNeil can more easily decide which level of protection they want for their Rochester Hills, MI home.

Home Policies for Houses

Five forms of home insurance cover houses. Each offers a different amount of perils coverage, so you choose which best suits your situation. The options include:

  • HO-1 offers the most basic perils coverage of ten named perils. It protects your structure but doesn’t typically include personal property coverage.
  • HO-2 offers coverage for more perils, bringing the total up to sixteen perils. Some policies offer personal property coverage.
  • HO-3 offers all perils coverage, although many policies create an exception for earthquakes. All policies create an exception for floods. These policies cover structural and personal property damage and insure the home using replacement cost value.
  • HO-5 offers comprehensive coverage that extends to every peril except for floods. It covers the structure and its contents using replacement cost value.
  • HO-8 offers coverage for architecturally significant and historical homes. It only covers ten perils, the same ones included in an HO-1 policy.

If you don’t own a house but instead own a mobile home or a condo, home insurance provides tailor-made options for you.

Policies for Other Types of Domiciles

A condo policy, HO-6, covers the condo walls and everything inside them. It also protects your porch, patio, or balcony. An HO-7 policy protects your financial investment in a mobile home with a foundation and personal property.

If you rent an apartment, condo, or home, choose a HO-4 policy called renters insurance. It only covers your personal property.

Contact Guy Hurley McNeil Today

Call or email our insurance agency to purchase the insurance policy to protect your Rochester Hills, MI home. Let us help you insure your home so you ensure your financial security.