Types of Homeowner's Insurance Policies
There are various types of basic insurance policies you can get to help you protect your home as much as possible. It just depends on what your needs are and how much insurance you may need.
To give you a better understanding of the various basic insurance policies in Divide County, ND, they are listed below:
HO1 covers what you home is valued at and the contents you have in it. This policy will also protect against 10 varying factors that can damage your home. Many people like this policy because it can allow you good coverage at a low cost. This makes this plan a great for anyone that is looking for insurance.
HO2 is a policy that provides protection to you on certain things only. You will be covered against sleet , ice , surges , outages and plumbing malfunctions and so on. There are also a lot of things , it may not cover , so you will want to find out exactly what is and isn't covered. If you live in an area with heavy snowfall , you should consider this type of insurance.
HO3 policy covers everything about a home. This policy will also cover damage that may occur to someone else in your home. This policy also protects against flood , earthquake and even war. So , this is great to have for anyone
HO 4 This is insurance for people who rent. This coverage is for all disasters. It also covers the contents inside the home.
HO 5 policy much like the HO 3 policy. But this covers the home as well as the contents. In addition to this if you have someone get injured in your home , this will cover their medical expenses.
HO 6 policy is one that for people who live in condos. It will cover the condo as well as the premises.
If you have an older home , this is the best policy for you. The owner is compensated on actual cash value basis. This means the owner will receive a claim payment based on the replacement cost minus depreciation