Homeowner’s insurance protects your home and your personal property. It can also protect you if someone is injured on your property.
Even tenants can use homeowner’s insurance to protect their personal property and protect them against liability if someone is injured in or around their domicile.
Homeowner’s insurance from https://ohioinsurancequotes.net/ohio-home-insurance/ can help you pay for repairs caused by natural disasters or damage by others, and can even pay for temporary shelter if your home is so badly damaged that you can no longer stay there until it is repaired.
Cost of Ohio home insurance:
The cost will depend on many factors, including but not limited to:
- The size/price of your home
- Where you live (you may not need flood insurance if you don’t live near water, for example!)
- Your credit history
- The age and type of home
Types of Ohio home insurance:
There are several different kinds of home insurance in Ohio:
- HO-2 and HO-4: The Broad Form
These policies list every ‘peril’ (anything that could happen to your property for which you would need to make a claim). If something happens to your property that is not listed, the insurance company will not pay for it, so be sure to read the listed perils carefully.
There is also tenant’s insurance available for HO-4. This covers the tenant’s personal property within the domicile, but not the home itself.
- HO-3: The Special Form
This form is the most common form used in policies today. Rather than listing all the covered perils, this type of policy lists what perils will not be covered. This makes it simpler for the homeowner to see what will and won’t be covered in case of an accident, rather than making them guess what might not be covered!
- HO-5: The Comprehensive Form
This insurance covers all damages but those caused by wars, earthquakes, or flooding.
- HO-6: Condominium Insurance
This type of insurance covers everything belonging to the condominium owner, which includes the contents of the condo and its interior walls. Keep in mind that this would not include things like a roof leak or any kind of exterior damage.
- HO-8: Market Value
This type of insurance covers the market value of your home should your home be destroyed or otherwise made unlivable. If your home were to be destroyed by fire, the insurance company would pay you the market value of your home before the flood occurred.
Mobile homeowner’s insurance is a different ball of wax – read your agreement very carefully before deciding to purchase.
There are always exclusions to every rule, which of course includes intentionally destroying one’s own property! Read up on the specifics of your own plan to be sure you have chosen the right plan for you.