What does standard homeowners policy mean?

Researching home insurance, you probably came across a few references to a standard homeowners policy. Integra Insurance Services serving Huntington, TX gets a lot of questions about insurance, but one of the most frequent is “What does standard homeowners’ policy mean?”

The insurance industry provides eight levels of coverage for homeowners’ insurance, from dwelling insurance (H0-1) to historical home insurance (HO-8). The insurance industry refers to HO-3 as standard home insurance. It covers the structure of the home under open peril coverage, also called all-peril coverage.

Although many insurance agencies refer to condo insurance as its own type of policy, it actually falls into the category of home insurance, as an HO-6 policy. That policy protects only your condominium interior and personal property, plus provides liability coverage, medical payments, additional living expenses, and loss assessment. Although you read the term renters’ insurance, this, too, is a type of home insurance. An HO-4 insurance policy provides coverage for your rental unit, personal property, liability, and additional living expenses.

Sometimes, you can’t obtain a standard HO-3 policy for your home. If you have made many claims on your prior home insurance policy, you may only qualify for an HO-1 insurance policy. It only covers 10 named perils. Also called dwelling insurance, it only covers the physical structures on your property. Older homes with historic or architectural significance combine dwelling insurance level coverage with liability and personal property coverage plus medical payments and additional living expenses coverage.

Sometimes, you don’t want the coverage of HO-3 and we have options for that. HO-2 insurance lets you skip liability insurance and protect the home and your personal property against major named perils. If you only want to cover the structure and your personal property, you can choose an HO-5 policy.

Call Integra Insurance Services serving Huntington, TX, today to discuss your home insurance. Let us help you choose the home insurance policy to protect your largest financial investment – your home.