Eligibility

• Individuals can obtain various types of homeowners policies depending on their specific situation and if they are eligible for a policy. This includes individuals and families who own the home where they are currently living. Individuals can also be eligible for a policy if they rent or lease the residence where they live. Eligibility for a policy also includes individuals that own and reside in a private condominium unit.
  
  

Policy Forms

• Insurance companies that provide homeowners insurance use a specific designation for the type of policy that is issued. The basic types of homeowners policies issued by insurers are designated by the letters HO and a number. The HO stand for Home Owners and the number of the form used for the policy. Insurance companies typically have homeowners insurance types that consist of an HO-2, HO-3, HO-4 and HO-6 policy form.
  
  

HO-2 Policy Form

• Insurers that issue homeowners insurance policies can use an HO-2 policy form. This is a homeowners insurance policy that is known as a broad policy. This type of policy protects a home and contents against 16 perils or risks that are stated on the policy. Some of which include fire, lightning, wind, hail, smoke, vandalism, theft and the freezing of plumbing, heating or air conditioner systems.
  
  

HO-3 Policy Form

• An HO-3 policy form is used by most insurance companies when they issue a standard homeowners insurance policy. This is a special form that is designed to cover all perils or risks that have not been specifically excluded from the policy. A typical home owner will have a policy that used an HO-3 policy form.
  
  

HO-4 Policy Form

• Insurance companies that issue a renters insurance policy will use an HO-4 policy form. This type of policy will only insure the contents of a residence. There are 16 perils or risks that are covered with the use of an HO-4 policy form. These include theft, fire, wind and smoke among others
  
  

HO-6 Policy Form

• Individuals that own a condominium unit will have a homeowners policy that uses an HO-6 policy form. This type of homeowners insurance policy provides personal property or contents coverage for the unit. The dwelling or structure is typically insured by the building or condo-owners association.