Home Insurance Policies in Brevard North Carolina

Home Insurance in Brevard North Carolina

Home Insurance Brevard, North Carolina

When you own a home, there are a number of things that could go wrong. Fires, storms, earthquakes, floods, all of these things can cause serious damage to your home. If you do not have the correct insurance to cover damages, you could find yourself with nowhere to go. Luckily, homeowners insurance is a realistic service offered by a number of reputable companies, both big and small. They offer multiple different levels of coverage  to cover your home. In this article we will discuss the different levels of coverage offered by home insurance in Brevard, North Carolina and how much they cover.

Types of Home Insurance Policies in Brevard, North Carolina

The levels of homeowners insurance range from basic coverage that only cover your home from ten different happenings, all the way up to full replacement coverage that covers your home and everything in and around it; including sheds and decks. Some home insurance policies also cover liabilities from injuries to persons within your home. Below you will find a list of the home insurance policies that can be purchased in Brevard, North Carolina.

HO-1 Insurance Policy

The most basic home insurance coverage is known as an HO-1 Policy. This policy covers you home from ten different perils that could cause damage to your home, as well as belongings inside of the home. This form of insurance is offered by a very limited number of insurance agencies in the state of North Carolina.

HO-2 Insurance Policy

One step up from an HO-1, the HO-2 policy covers structures surrounding your home such as sheds or decks in addition to the home itself. HO-2 policies also covers any personal property that may be damaged inside of the home. The HO-2 policy also protects the homeowner from liability caused by an accident. HO-2 policies cover damage from seventeen different perils.

HO-3 Insurance Policy

An HO-3 policy provides coverage for the home just like the HO-2 policy. It also covers structures related to the home such as sheds, decks, and garages. Personal property within the home is covered as well. The policy also covers liabilities that may occur on the property. The difference between an HO-3 policy and an HO-1 and HO-2, is that the policy covers everything unless it is specifically mentioned to “not” be covered by the policy. Whereas an HO-2 policy tells you specifically what “is” covered. This is the most popular type of home insurance.

HO-4 Insurance Policy

HO-4 insurance policies provide coverage for those who are renting a property. Rental properties can be apartments, condos, town homes, or stand alone homes. HO-4 policies provide coverage for the property within the structure. This policy also covers the renter for liabilities. So if the person living in the dwelling were to get hurt. The renter would be covered. This policy does not cover the actual structure itself.

HO-5 Insurance Policy

HO-5 insurance policies are very similar to the very popular HO-3 insurance policy. Both of these insurance policies cover damages to your home, damages to property within your home, and liability in case something were to happen to a guest while they are on your property. The HO-5 is an open perils policy. This means that the policy will cover damage from anything unless it is described by the policy. The main difference between an HO-5 policy and an HO-3 policy is that HO-5 policies provide more coverage for damages or loss. HO-5 policies are typically purchased for newer, more expensive homes that are very well maintained.

HO-6 Insurance Policy

An HO-6 insurance policy is just like home insurance but for a condo. The condo could be either your vacation retreat or your permanent residence. HO-6 insurance policies typically cover everything within the walls of the owner’s unit. Anything that the owner of the unit actually owns in the unit. Cabinets, mattresses, washers, dryers, anything that the owner actually owns that is damaged will be covered to a certain extent. HO-6 policies are required to cover at least 20% of the condominiums appraised value.

HO-8 Insurance Policy

HO-8 insurance policies are created for homes that are getting up there in age. These policies are for older homes that have lost a good portion of their value due to their age. Homes that qualify for an HO-8 policy are typically valued much less than the cost to rebuild the home. HO-8 covers the same perils as an HO-2 policy, however it will only pay for the cost of repair due to the high cost of replacing the home.

None of these policies provide insurance coverage from flood damage or earthquake damage. If you live in a region that is at risk from flooding it may be wise to speak with your insurance provider about the purchase of flood insurance and maybe even earthquake insurance if you believe that is necessary.