ZIMMER INSURANCE GROUP
  • Home
    • News
  • Contact
    • Client Testimonials
  • About
    • Our team >
      • Christi Whalen
      • William T. Zimmer
      • Greg Zimmer
      • Dave Hinkley
      • Carla Stauffer
      • Alex Zimmer
      • Jodi Newman-Schliefert
      • Betty Piper
      • Blake Sears
      • Karen Brhel
      • Shauna Randall
      • Shannon Aikman
      • Shannon White-Michener
    • Our Partners
  • Services
    • Personal Insurance >
      • Auto Insurance
      • Motorcycle Insurance
      • Homeowners Insurance
      • Renters/Condo Insurance
      • Personal Watercraft
      • Umbrella Insurance
    • Commercial Insurance >
      • Property Insurance
      • Business General Liability
      • Business Auto
      • Worker's Compensation
    • Life Insurance
    • Health Insurance
    • Retirement Plans
    • Group Insurance
  • Payments/Claims
  • Blog
  • Insurance 101
  • Legal Statements
  • Holiday Closing Schedule

​Hello and welcome

To the Zimmer Insurance Group Blog
Give feedback

What is Homeowner’s Insurance?

2/11/2016

 
Homeowners insurance is a form of personal lines insurance. The typical homeowner’s policy has two main sections:
  1. Covers the property of the insured and
  2. Provides personal liability coverage to the insured

​There are different types of homeowner’s policies depending on what type of coverage is necessary. The types are divided based on what perils (or causes of loss) they cover. The types are numbered 1-6 and 8.

An HO-2 policy will have less coverage than an HO-3 policy because the HO-3 is an open-peril policy. An open-peril policy means that the coverage for the house and other structures is covered for any peril except those that are specifically excluded in the terms. On the other hand, an HO-2 is a named peril policy which means that only the named causes of loss are covered and nothing else.

Another type of homeowner’s policy is a renter’s policy or sometimes called an HO-4. This type of policy only covers the personal property and the liability for a renter. Since they do not own the building they live in, they do not need to insurance it. There are many myths that renter’s believe, such as that if your landlord has insurance that you don’t need any coverage. WRONG. The landlord may have insurance but they are only responsible for the building you are renting, not the personal items you bring into the building. With your own renter’s policy you will have coverage for all your stuff and any liability you might have.
An HO-5 policy is different because with these policies you can cover both your structures and your personal property on an open-peril basis unlike the HO-2 and 3. The difference is that with HO-2 and HO-3 the coverage for personal property is limited to only named perils.

Condominium owners have their own special policy called an HO-6. This policy coverage will include parts of the building, but not the whole building like a regular homeowner. This is because many condo owners are part of an association and have to follow an agreement between the association and the owner-occupant of the condo. Some coverages in these policies include: alterations, appliances, and improvements that are part of the building within the residence, property that is the insureds responsibility under the association agreement, and of course the personal property of the insured.
Andy Harrison link
3/14/2016 02:38:57 pm

If you plan on buying a home, then you should see about buying insurance for that home. With that in mind, you have to be sure that you get the right kind. For me, I would probably go with the one that would cover everything. Even though I might pay a bit more, it's better to be safe than sorry.

Bob link
2/27/2019 05:44:15 pm

I didn't know that HO-2 and HO-3 coverage was so different. I like your tips because they inform me about how to get better insurance. I'll have to consider your tips so that I can get the best insurance possible.


Comments are closed.
    Call Us

    Just for you!

    This blog is to serve as a learning center created just for you! Have suggestions? Don't be afraid to speak up, we encourage you to send us your thoughts, needs, and wants!

    Archives

    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016

    Categories

    All
    Business Insurance
    Car Insurance
    Homeowner's Insurance
    Insurance
    Life Insurance
    Tuesday Tips

    RSS Feed

    View my profile on LinkedIn

Services


Personal
Commercial
Life
​Health
Group
​Retirement
​
Online quotes

Company


Who we are
​Our team
News

Support


Contact
Insurance 101
Testimonials
Read our blog
© COPYRIGHT 2015. ALL RIGHTS RESERVED.
Photo used under Creative Commons from lucadea
  • Home
    • News
  • Contact
    • Client Testimonials
  • About
    • Our team >
      • Christi Whalen
      • William T. Zimmer
      • Greg Zimmer
      • Dave Hinkley
      • Carla Stauffer
      • Alex Zimmer
      • Jodi Newman-Schliefert
      • Betty Piper
      • Blake Sears
      • Karen Brhel
      • Shauna Randall
      • Shannon Aikman
      • Shannon White-Michener
    • Our Partners
  • Services
    • Personal Insurance >
      • Auto Insurance
      • Motorcycle Insurance
      • Homeowners Insurance
      • Renters/Condo Insurance
      • Personal Watercraft
      • Umbrella Insurance
    • Commercial Insurance >
      • Property Insurance
      • Business General Liability
      • Business Auto
      • Worker's Compensation
    • Life Insurance
    • Health Insurance
    • Retirement Plans
    • Group Insurance
  • Payments/Claims
  • Blog
  • Insurance 101
  • Legal Statements
  • Holiday Closing Schedule