Homeowners Insurance FAQs

The three broad types of Homeowners Insurance are policies for people who own a house, people who own a condo or co-op, and a third type for people who rent (known as renter's insurance.)

For people who own a single family dwelling

For single-family dwellings, there are two forms generally known as Forms HO-2 and HO-3.  Both type policies provide similar coverage. However, HO-2 covers specified risks, while HO-3 covers against all risks with certain exceptions. HO-3 is better because there is no question of a loss being caused by a risk which falls in between two covered risks. However, if you cannot afford HO-3 coverage, HO-2 coverage is still important to have. (For more information on "all risk" coverage, see the next section below.)

For people who own a condo or co-op

Form HO-6 is used for cooperative apartments and condominiums.  The HO-6 an all risks.

For people who rent (also know as renter's insurance.)

The Homeowners form for renters is known as HO-4. It is all risks type coverage.

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