Homeowners insurance is designed to protect your home from what is called perils. A peril is your exposure to risk or something that causes loss or destruction. As a homeowner, you can typically purchase three different types of home insurance policies. They are:
- Homeowners 1 (HO1): With this policy, your property is covered against 11 basic perils.
- Homeowners 2 (HO2): This policy protects your property against 18 perils (including 11 perils from Homeowners 1).
- Homeowners 3 (HO3): With this policy, your property is protected against most known perils, including some that are not covered by Homeowners 2.
Please see the following table for a breakdown of what perils are covered by the three different homeowners policies.
|Home Insurance Policies and What They Cover|
|Types of Perils||Covered Perils|
|Fire or lightning||x||x||x|
|Loss of property on premises due to fire or other perils||x||x||x|
|Windstorm or hail||x||x||x|
|Vandalism and malicious mischief||x||x||x|
|Riot or civil commotion||x||x||x|
|Breakage of glass constituting part of the building||x||x||x|
|Collapse of building(s)||x||x|
|Weight of ice, snow or sleet||x||x|
|Freezing of plumbing, heating and air conditioning systems and domestic appliances||x||x|
|Accidental discharge, leakage or overflow of water or steam from within a plumbing, heating or air conditioning system or domestic appliance||x||x|
|Sudden and accidental tearing apart, cracking, burning or bulging of a steam or hot water heating system or of appliances for heating water||x||x|
|Sudden and accidental damage from artificially generated currents to electrical appliances, devices, fixtures and wiring||x||x|
|All perils except for flood, earthquake, war, nuclear accident. (Check your policy for complete list of perils.)||x|
|Coverage for jewelry, art, antiques, etc. May also include coverage for building code upgrades and sewer backups.||Can be added to any policy for an additional charge.|