Can I customize my home insurance?

When you visit Family Insurance Associates serving Ruidoso, NM for home insurance, we want you to know your choices. Home insurance offers a breadth of choices because no two homes or homeowners are the same.

Broadly, home insurance offers eight types of policies, including dwelling (HO-1) and historical home (HO-8) insurance. It also offers options for renters, renters’ insurance (HO-4), and options for owners of RVs and trailers (HO-7).

Most people purchasing home insurance purchase a standard policy (HO-3), so named because it gets purchased most often. It covers the home against most perils and protects the structure and its contents. A dwelling policy covers fewer perils. An HO-5 policy goes beyond an HO-3 policy to offer open-peril coverage, also called all peril coverage.

If you want something between dwelling insurance which covers 10 perils and the all peril coverage of HO-5, you choose an HO-2 policy. It covers 16 common perils, which provides pretty broad coverage, but is not as complete as an HO-5.

You’d only purchase an HO-6 policy if you buy a condo or apartment. It only covers damage inside your home because the property owners’ association’s or property management company’s insurance covers the public areas. Like most home policies, it provides liability coverage that applies to accidents occurring in your home.

Only older homes or architecturally significant homes would qualify for an HO-8 policy. It covers most perils, and its coverage acknowledges how tough it would be to replace the uniqueness of your home.

Regardless of which type of domicile you chose to purchase or rent, let Family Insurance Associates serving Ruidoso, NM help you insure it. Call us today.