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Three Types of Homeowners Insurance?

By May 23, 2023May 30th, 2023No Comments

What Are the Three Types of Homeowners Insurance?

For residents in Fremont, NE, homeowners insurance is an essential part of any smart financial plan. It provides financial protection against damages and losses that may occur to the home, personal property, and liability. Homeowners insurance coverage in Fremont, NE, comes in three types: HO-1, HO-2, and HO-3. Understanding the differences between these policies will help you choose the right coverage for your needs.

HO-1 Policy

The HO-1 policy is the most basic type of homeowners insurance. It offers coverage for damages to the dwelling itself caused by perils like theft, fire, lightning, and more. This policy is the least expensive, but it also provides the least amount of coverage. This does not cover personal belongings or personal injury.

HO-2 Policy

The HO-2 policy is an upgrade from the HO-1 policy and offers more comprehensive coverage. It covers damages to your property caused by a broader range of perils, including falling objects, water damage from plumbing, and more. This policy is more expensive than the HO-1 policy but provides a higher level of protection.

HO-3 Policy

The HO-3 policy is the most comprehensive and popular type of homeowners insurance. It covers damages and losses caused by all perils, except for those specifically excluded in the policy. This policy provides coverage for the structure of the home and your personal property. It also offers liability coverage for injuries or damages suffered by others on your property. The HO-3 policy is the most expensive type of homeowners insurance but provides the highest level of protection.

Choosing the right type of homeowners insurance for your Fremont, NE home is crucial to protect your investment and financial security. When shopping for a policy, consider your budget, the value of your home and personal property, and the level of coverage you require. You should also review your policy regularly and make necessary adjustments to maintain adequate coverage. Eric Luebbe Insurance can help you decide on the best homeowners insurance policy for you and your Fremont home, and we will get you set up with coverage at a competitive price. Reach out to learn more and request a quote today!