Real Estate & Mortgage Resources

The Wayback Machine - https://web.archive.org/all/20060321203126/http://www-real-estate.com/resources/mortgage-insurance.shtml


The information you need at your fingertips!

Find An Agent

Home Mortgages

Mortgage Rates

Home Equity

Mortgage Primer

Loan Toolbox

Mortgage News

Insurance

Preparing

The Process

Tax Benefits

Refinance?

Mortgage Types

Articles

Site Map

Glossary

Kelowna

Contact Us

Insuring Your Home

One of the costs involved in buying a home, an ongoing cost, is Homeowner's Insurance. Virtually all mortgage lenders require that a home be insured and for your peace of mind, you will want to fully insure your investment.

There are seven basic types of home insurance policies that do not vary in most locations in the United States. Here we've given a fundamental description of each.

HO-1 - Basic Homeowner
This is a very basic plan. It provides protection against a limited list of perils, including:

Windstorm or hail
Explosion
Fire or lightning
Riot or civil commotion
Aircraft
Vehicles
Smoke
Vandalism
Theft
Volcanic eruption

HO-2. Basic Homeowner - Level 2
This adds several covered perils to those in the Ho-1 plan:

Falling objects
Ice weight
Snow or sleet
Water-related
Electrical surge

HO-3. Extended Homeowner - Level 3
Protection against losses due to the perils covered in HO-1 and HO-2 plus any other peril not specified in your policy. The exceptions are flood, earthquake, war and nuclear accident.

HO-4. Renter's Insurance
Basic Insurance to cover 17 listed perils.

HO-5. All Risk Coverage - Building and Personal Property
This is an obsolete form of coverage, not often provided.

HO-6. Condominium
Personal property protection against listed perils plus some building specific perils.

HO-7. Basic - Older Home
Covers eleven basic perils but at actual cash values or repairs, not rebuilding costs

Talk to your insurance agent to decide which plan is right for you.

Feb	MAR	Jun
	21
2004	2006	2007