Home Insurance Policy Types

Your home is the center of your life and the place where many of your memories are made, so you’ll definitely want to protect it with a high quality insurance policy. At LowestRates.com, we’re here to provide you with an overview of the types of home insurance policies available so you can choose the one that suits your home best.

Home insurance is sold based on ‘perils’ - the types of circumstances that can damage your home and its surrounding property. There are three types of ‘peril’ based policies available: H0-1 (or H0-A), H0-2 (or H0-B) and H0-3 (or H0-C).

H0-1 insurance covers 11 basic perils, which include fire, hail, smoke, explosions, vandalism and glass breakage. H0-2 covers all 11 initial perils plus several more, including: falling objects, plumbing damage and electrical damage. H0-3 will cover everything that the previous two policies do not, but likely excludes flood and earthquake damage.

Under each of these policies, damages of your personal belongings in the home are also covered. So, if your furniture or appliances are damaged in a fire, the insurance provider will cover a portion of the replacement cost. Insurance for theft is also often included, but sometimes you may have to purchase this type of coverage as a separate policy – check with your insurance provider.

Liability insurance is also an important part of any insurance policy. Should someone be injured while on your property, this type of insurance will cover their medical costs and any other legal liabilities. For example, costs and losses associated with pain and suffering or time off work would be covered under the liability portion of a policy.

LowestRates.com allows you to compare a variety of home insurance options from leading providers, ensuring that you find the right coverage for the best price.