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Coverage 1 Insurance, What is an HO-1 Insurance Policy?
An HO-1 insurance policy is the most basic form of homeowners insurance. It protects the physical structure of your home from specific perils listed in the policy. Unlike more comprehensive policies, an HO-1 policy does not cover personal belongings, liability, or additional living expenses.
What Does an HO-1 Policy Cover?
An HO-1 policy typically covers damage to your home caused by the following perils:
- Fire or smoke
- Explosions
- Lightning
- Hail and windstorms
- Theft or malicious mischief
- Vandalism
- Damage from vehicles
- Damage from aircraft
- Riots and civil commotion
- Volcanic eruption
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What Does an HO-1 Policy Not Cover?
Since it’s a basic policy, an HO-1 policy does not cover:
- Personal belongings inside your home
- Liability for injuries or damages to others
- Medical expenses for others injured on your property
- Additional living expenses if your home becomes uninhabitable
Why Consider an HO-1 Policy?
While an HO-1 policy offers limited coverage, it can be a good option if you’re looking for basic protection for your home’s structure at a lower cost. However, it’s important to assess your needs and consider whether a more comprehensive policy might be a better fit.
