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What is HO-1 insurance?

HO-1 insurance is a bare bones type of homeowners insurance that protects your home and its contents in the event of a covered loss.

What is the difference between HO-1 and Ho-3 homeowners insurance?

HO-1: The most limited policy type for single-family homes, HO-1s generally aren’t sold by insurance providers anymore. HO-2: A more common policy type for single-family homes and a slight upgrade from the HO-1. HO-3: The most common type of homeowners insurance policy for single-family homes, with broader coverage than the HO-2.

Should I insure my home with an HO-1 policy?

An insurance company might require you to insure your home with an HO-1 policy if they deem you or your dwelling are too risky for other types of homeowners policies — this happens for older homes on occasion. Many mortgage lenders will not approve HO-1 policies — for good reason. A home is an investment and should be insured as such.

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