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Florida Insurance Blog

Types of homeowners insurance

Amidst your excitement of moving to Panama City Beach, FL, Hall Insurance wants you to remember that whether you buy or rent, you’ll need home insurance. Home insurance refers to all types of insurance that covers any kind of home – single-family homes, new homes, historic homes, condos, mobile or manufactured homes, and rented homes. There’s even a specific type of home insurance for a landlord who owns the rental home. 

Types of homeowners insurance

This quick guide provides you with an at-a-glance method of determining which home insurance policy type you need. The HO in the name stands for “home.”

HO-1: the essential single-family home policy that covers ten named perils, commonly called dwelling insurance,

HO-2: a single-family home policy that covers added perils,

HO-3: the most commonly purchased single-family home policy covering 16 named perils,

HO-4: a home policy covering the personal property and liability of renters,

HO-5: a comprehensive single-family home policy that covers all named perils,

HO-6: a home policy for condos that covers named perils, personal property damage, and liability from the walls-in,

HO-7: a home policy for mobile, manufactured, or RV homes,

HO-8: historic home policy, also available for architecturally significant homes that provides named peril, personal property, and liability coverage.

Landlords frequently choose HO-1 or HO-2, but if they rent out a condo, they would purchase HO-6. The person who rents their home would purchase HO-4.

If you buy an older home, such as a house nearing the 100-year qualification for designation as a historic home, you’d choose HO-8. You’d also choose HO-8 if you purchased a home a famous architect designed, such as a Frank Lloyd Wright home.

Wherever in Panama City Beach, FL, you’ve settled, call Hall Insurance to learn more about covering your new abode. Let us help you protect your financial investment.

 

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