The different types of homeowners policies are pretty standard throughout the country. However, individual states and companies may offer slightly different policies or other names such as “standard” or “deluxe.”

If you own your home

If you own the home you live in, you have several policies. The most popular policy is the HO-3, which provides the broadest coverage. Owners of multi-family homes generally purchase an HO-3 with an endorsement to cover the risks of having renters live in their homes.

HO-1: Limited coverage policy
This “bare bones” policy covers you against the first ten disasters, and it’s no longer available in most states.

HO-2: Basic policy
A basic policy protects against all 16 disasters. There is a version of HO-2 designed for mobile homes.
HO-3: The most popular policy
This “special” policy protects your home from all perils except those expressly excluded.

HO-8: Older home
Designed for older homes, this policy usually reimburses you for damage on an actual cash value basis, which means replacement costs less depreciation. Full replacement cost policies may not be available for some older homes.

If you rent your home

HO4-Renter
Created specifically for those who rent the home they live in, this policy protects your possessions and any parts of the apartment you own, such as new kitchen cabinets you install, against all 16 disasters.

If you own a co-op or a condo

H0-6: condo/co-op
A policy for those who own a condo or co-op provides coverage for your belongings and the structural parts of the building you own. It protects you against all 16 disasters.