In a survey once carried in 1998 it was learned that 80% of homes insured were covered by the owner’s homeowner’s insurance policy. About 85% of these covered homes were covered with the HO-3 policy. About 8.5% were covered by the HO-5 which is quite expensive. All these policies cover all perils involved except with those that are specifically excluded. A small percentage of about 3 were under the HO-2 and the rest fell between the HO-1 and the HO-8 which is more limited and is designed especially for older homes.

The other 20% of homeowner’s insurance policies covered condominium and about a ½ of these had HO-4 coverage policy and this type is meant to cover what is in the apartment or condo that had not been included in the whole policy. This coverage policy also covers expenses arriving from items such as lightning, fires, windstorms, hailstorms and just about any form of damage cause. The remaining policy type was the HO-6 which known as the condominium insurance. The condominium was specifically made for flat and or condo owners and it covers the building owned by an insured person and the property inside.

The fire dwelling policy covered about 2% of the homes insured and this policy is meant to cover damages to property and it not meant for commercial purposes. This may also cover the owner’s personal property such as their jewelery and gadgets.

If you are prospective about being insured you can save up more money by dealing directly with the insurance company than going through some agent that will charge for their services, but you should note that there are very few insurance companies that sell and provide homeowner’s insurance directly to the customer. Besides this though agents tend to benefit you greatly as they tend to give you a full in-site of the policy you are considering.

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