Forms for New Homeowners Insurance Explained

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The types of Homeowners insurance policies for new homeowners

At Jan Jesberger Insurance, Jan, Melissa, Kate or Dina can guide you through choosing the correct coverages, deductibles, special forms and scheduling valuable items such as jewelry or firearms. As always this comes at no cost to you. We have a careful mix of companies that will fit your needs, deductibles and budget. If you are buying, or already own a home in Idaho, Washington, Montana, Arizona or California, enjoy the Jan Jesberger Insurance difference, and rest assured that we have your protection at the heart of our service.

There are several different forms for homeowner’s insurance policies. They include the following:

HO-1: Covers 10 basic perils- This is a list of basic perils

  1. Fire or smoke
  2. Explosions
  3. Lightning
  4. Hail and windstorms
  5. Theft
  6. Vandalism
  7. Damage from vehicles
  8. Damage from aircraft
  9. Riots and civil commotion
  10. Volcanic eruption

HO-2: also known as a broad form Covers all the perils below plus the following:

  1. Falling objects
  2. Weight of ice, snow, or sleet
  3. Freezing of household systems like AC or heating
  4. Sudden and accidental tearing apart, cracking, burning, or bulging of pipes and other household systems
  5. Accidental discharge or overflow of water or steam
  6. Sudden and accidental damage from artificially generated electrical current

HO-3: also known as the special form

Since an HO-3 doesn't limit coverage only to named perils, often it can provide more financial protection than an HO-2. That means that your typical HO-3 form can financially protect you against all perils unless your policy specifically mentions them in the exclusions — and if it doesn't, you're covered. Earthquakes and floods are generally excluded from this policy, but can be written as another policy. Please ask us for other exclusions

HO-4: Renters policy

This policy is for renters, since it only covers your belongings and personal liability. Often living expenses are covered while the structure is repaired.

HO-5 : Comprehensive form:

This form in often covers more perils than other types of policies. Just like a HO-3 form, a HO-5 is an open-peril policy form that can financially safeguard you against all perils unless your policy specifically excludes them in writing.

These perils are typically excluded from coverage under a HO-5 policy:

  1. Earth movement (like an earthquake, landslide, or mudslide)
  2. Floods
  3. Water damage
  4. Damage from or infestation of birds, vermin, rodents, and insects
  5. Neglect, deterioration, and general wear-and-tear
  6. Settling, shrinking, bulging, or expanding of your home's foundation
  7. Your pets and other animals
  8. Mold, fungus, and rot
  9. Intentional loss
  10. War, government action, and nuclear hazard
  11. Ordinance or law
  12. Smog, rust, and corrosion

The important point is that a loss can happen suddenly and unexpectedly — that's why we always advise that you speak with us about your particular circumstances after a loss.

When it comes to your personal belongings, a HO-5 typically covers more perils than your average HO-3 policy, and your personal liability is covered up to the limits you choose, we will assist you with this decision. Even though an HO-5 policy is typically more expensive than a HO-3 it's the broadest type of homeowners insurance coverage you can get, and is usually a good value given the coverage.

HO-6: This type of policy is designed specifically for condo owners and financially protects belongings and personal liability. An HO-6 policy, also known as condo insurance, also typically extends to the walls, floors, and ceiling of the unit too.

The same incidents covered under a typical homeowners insurance policy generally apply to HO-6 coverage too. The rest of the condo's structure is usually covered by a policy purchased by the homeowner's association.

HO-7- Mobile home form is basically the same as an HO-3 but for mobile homes. We specialized in insuring mobile homes in Idaho.

HO-8: Older homes are protected with this policy: A HO-8 policy is designed to address specific concerns with coverage for older homes. The coverage of a HO-8 are basically the same as a HO-3, but with special adaptations to better suit older homes, which may have different coverage needs than newer houses. Such as knob and tube wiring, historic interiors, and the special needs of older homesHistoric homes and registered landmarks usually carry this type of policy.

Confused? The answer is simple. Let the experts here at Jan Jesberger Insurance help you navigate your way through this important decision. We represent you. And are here to support you in your decisions.