Choosing the right home insurance policy in Virginia can be a daunting task, given the variety of options available. Each policy type offers different levels of coverage tailored to specific needs. Understanding the differences in coverage, especially for personal property, is crucial for homeowners, renters and condo owners alike.

Explanation of Home Insurance Options

The following are the types of available home insurance:

• HO-1 (basic form)—This policy typically offers the most limited coverage, protecting against named perils such as fire, lightning and theft. Personal property coverage is minimal, often based on actual cash value, which factors in depreciation.
• HO-2 (broad form)—HO-2 policies typically cover more perils than HO-1, such as falling objects and water damage from household systems. Personal property is also covered on a named-peril basis but with broader protection than HO-1.
• HO-3 (special form)—The most common policy, HO-3 offers extensive coverage for the home itself on an open-peril basis, meaning all risks are covered unless specifically excluded. Personal property, however, is covered on a named-peril basis. This policy is suitable for most homeowners due to its comprehensive nature.
• HO-4 (renters insurance)—Designed for tenants, HO-4 covers personal property against named perils and includes liability coverage. It does not cover the building structure, as that is the landlord’s responsibility. This policy is ideal for renters looking to protect their belongings and liability.
• HO-6 (condo insurance)—HO-6 policies cover personal property and the interior structure of a condo unit. They also offer liability coverage and protection against loss assessments from the condo association. This policy is tailored for condo owners who need coverage beyond the association’s master policy.
• HO-8 (modified coverage form)—HO-8 is designed for older homes where the replacement cost exceeds the market value. It typically covers fewer perils and often provides functional replacement cost coverage, meaning repairs are made with less expensive materials. Personal property coverage is limited but essential for historic homes.

Learn More

The choice of home insurance policy in Virginia depends on the type of dwelling and the level of coverage needed. For home insurance near you, contact Matt Roenker Insurance Agency.

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.