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Insurance for Newbies: Homeowners the sequel

Post 3: Homeowners, HO-5 through HO-8

This week we will focus on Homeowners polices. Homeowners polices are often shortened to HO-#. There are 8 different types of Homeowner polices, but this blog will only focus on the last four.

  • HO-5 - Comprehensive

  • This is typically for your high-value/high-risk properties, HO-5 is very similar to HO-3, in that they cover the home, structures, and belongings, but the main difference is that HO-5 offers all risk coverage. This means any and all definable risks can be covered, whereas HO-3 only covers the 22 named perils.

  • As this is for high-value, this policy usually offers higher coverage limits for expensive belongings like electronics and jewelry.

  • HO-6 - Condo/Unit-Owner

  • This policy covers a unit’s owner's interior, belongings, loss of use, personal liability, and medical payments. It is designed to cover what the Condo Association's Master Policy will not. The Master policy typically covers shared areas and everything exterior to the unit.

  • HO-7 - Mobile Home/MH3

  • This policy is specifically for any type of manufactured home, single-wide, double-wide, triple-wide home. It is often called an MH3 policy, because it is very similar to a HO-3 Policy, but it is designed for manufactured homes. It will cover the mobile home, structures, belongings, loss of use, and medical payments.

  • HO-8 Modified Coverage Form

  • This policy is the policy that most older and high-risk homes will need. These homes typically have a harder time getting another HO policy, due to the high-risks involved. 

  • An HO8 is typically a good fit if your home is one of the following; is 40+ years old, a registered landmark, constructed of hard to replace materials, such as rare/outdated wiring or plumbing

  • This policy covers the same perils listed in an HO1, but unlike HO1 it does cover structures, belongings, loss of use, personal liability, and medical payments. 

This is based in Georgia, things may be different in your state. Check with us or your local agent.


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