Protecting your home. Homeowners’ insurance policies are “package” policies. This means you get a group of coverage items packaged into your policy for one overall premium. We’re here to help you get the best one for your needs. Below is a basic overview of homeowner’s insurance options; contact us with any questions you may have.
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A basic overview of insurance package options
Homeowners’ policies are categorized by a form number. There are a variety of homeowners’ policies; we have included the most common types below:
Form Number: HO2 Policy
This policy covers the basic perils of fire, lightning, explosion, smoke, hail, aircraft, riot, glass breakage, theft, and damage caused by vehicles. It also may include additional coverage to broaden your protection.
Form Number: HO3 Policy
This policy form is commonly referred to as a “Deluxe,” “Special,” or “All Risk” policy and covers everything the HO2 policy covers and more. Instead of individually listing covered perils, these policies cover all damage to the building except what is excluded. Typical exclusions are: wear and tear, termites, rotting, collapse of septic tank, flood, war, earthquake, and a few others.
You can also add additional coverage for items like jewelry, silverware, and furs. In addition, optional coverage options can include possessions like stamp or coin collections, fine arts, camera equipment, collectibles, watercraft, musical instruments, and more.
A homeowner’s insurance policy typically consists of three items:
The Declarations Page
This is the who, what, and how much you are insuring. It also includes the date your coverage starts and the premium amount.
The Policy Booklet
This is where the details of coverages and exclusions are listed.
This section contains language that change (or endorse) specific parts of the policy.