What is the most common type of homeowners insurance?
You will find the HO-3 or the special form policy to be the most common type of homeowners insurance. It is most used because it has large range of coverage and some of the most affordable premiums. It covers all of the perils mentioned in the HO-1 and HO-2 policies and then goes even further.
Why are there different types of home insurance policies?
That’s why there are different types of home insurance policies. Regardless of whether you rent or own, live in a mobile home, split-level ranch or condo, the best homeowners insurance provides a financial safety net when unforeseen events cause damage, such as a fire.
What is the most expensive type of Home Insurance?
A comprehensive form policy is going to be the most expensive of all the home insurance policies. However, it will also have the most coverage options available. It will cover more perils than other policies and is also an "open peril" policy. An HO5 policy will reimburse your dwelling and personal property on a replacement cost value.