Connecticut home insurance policies vary according to individual needs and requirements YES there are no 2 alike. Generally speaking, there are two types of Connecticut home insurance policy options to choose from – monoline and package policies. A monoline Connecticut home insurance policy only has one specific type of coverage, such as liability. But lets remember different companies over different coverages so it not just simply pick the cheapest home insurance price. Look over the options and make sure your buying what you need to protect your investment.
A package Connecticut home insurance policy offers several different types of coverage. The package policy may include property and liability insurance together. For example most people, it is more cost effective to buy a package policy instead of a mono-line Connecticut home insurance policy.
There are seven standard types of Connecticut home insurance policy options to choose from, depending on your personal needs. Each is described below. For more information on these Connecticut home insurance policy options available, contact us at www.paradisoinsurance.com or call us at 860-684-5270
Homeowner-1 (HO-1): Offered by very few Connecticut home insurance policy companies, this policy option has very narrow coverage. It usually covers damage from fires, lightning, smoke, wind, hail, burglary, theft, explosion, glass breakage, vehicle damage, riot and civil unrest, as well as civil judgments, medical payments, personal property, and expenses if forced to live away from home for a short period of time.
Homeowner-2 (HO-2): This Connecticut home insurance policy covers everything listed in HO-1, as well as falling objects, damage from the weight of ice or snow, damage from leaks or freezing in the plumbing system, electrical damage to appliances, and damage cause by a rupture in the water heater.
Homeowner-3 (HO-3): Also called a Special Form Policy, this is the most common type of Connecticut home insurance policy in use. It covers all physical losses, except for those that are specified in the policy. Exceptions often include floods, earthquakes, war and other disasters, natural and man-made.
Tenant/Cooperative Owner (HO-4): This Connecticut home insurance policy is for renters or owners of cooperative units. This is used to insure against damage to the tenant’s possessions, and personal liability for physical damage suffered while in the unit.
Homeowner-5 (HO-5): This Connecticut home insurance policy covers everything listed in HO-3, plus personal possessions against loss, except for specific exclusions listed in the policy.
Condominium Unit Owner (HO-6): This particular Connecticut home insurance policy offers the same coverage as HO-4, but is used only for condominiums.
Homeowner-8 (HO-8): This Connecticut home insurance policy option is similar to the HO-1 policy. The difference though is that it provides an actual cash payment instead of replacement cost coverage. This Connecticut home insurance policy is usually only used in the case of older homes where the property exceeds the market value.