Homeowner Insurance

Your home is often your most valuable asset, so it goes without saying just how crucial it is to find the right homeowners policy. Owning a home often comes with a lot of risks, which is why we at Douglas & Associates take special attention to ensure each home package is tailored to the specific needs of our customers.

Depending on where you live, whether that be a house, apartment, or condominium, the right policy can give you peace of mind as well as the financial resources to repair or replace your home and/or belongings in the event of a covered loss.

HO-1 Form

This is the most basic form of homeowners coverage. Since it is a named-peril policy, it only covers the ten “named” perils, hence the name. Those perils are as follows:

  • Fire or lightning

  • Wind or Hailstorms

  • Explosions

  • Damage from an Aircraft

  • Damage from Vehicles

  • Smoke

  • Malicious mischief or vandalism

  • Theft

  • Volcanic Eruptions

You may have noticed that this is missing some perils, such as flood and earthquake. With the basic form, you are only covered for the aforementioned perils, so if you want any additional risks to be covered, then you may want to add an endorsement or consider a broader homeowners form, such as the HO-2 form. You may be able to receive coverage for your personal property, however you usually need to specify these belongings when you purchase this policy form. Due to the affordability of the other HO forms that give you more bang for your buck, this form is no longer as common.

HO-2 Broad Form

The Broad form covers everything found in the HO-1, plus:

  • Falling objects

  • Weight of ice, snow, or sleet

  • Freezing household systems such as AC or heating

  • Sudden and accidental tearing, cracking, burning, or bulging of pipes and other household systems

  • Accidental discharge or overflow of water or steam

  • Sudden and accidental damage from artificially generated electrical current

This form covers the structure of your home as well as your personal property. It may even cover your personal liability. Since this is a “named peril” policy, any other perils will be excluded from coverage.

HO-3 Special Form

Nowadays, the HO-3 form is the most popular form as it provides a broad range of coverage in addition to being affordable. Everything covered in the broad form is covered here, but rather than it simply covering the “named perils”, it covers everything but what exclusions the policy lists. This varies with each insurance company, so it's important that you are aware of what your HO-3 policy excludes. Typically, earthquake and flooding are excluded, but earthquake is often available as an endorsement.

HO-5- Comprehensive Form

This form is similar to the HO-3, in that it is an open-perils form. Generally, the following are the most common types of exclusions you will see on this form:

  • Earth movement (like an earthquake, landslide, or mudslide)

  • Floods

  • Water damage

  • Damage from or infestation of birds, vermin, rodents, and insects

  • Neglect, deterioration, and general wear-and-tear

  • Settling, shrinking, bulging, or expanding of your home's foundation

  • Your pets and other animals

  • Mold, fungus, and rot

  • Intentional loss

  • War, government action, and nuclear hazard

  • Ordinance or law

  • Smog, rust, and corrosion

Regardless of these generalities, it's important to talk with your insurer if you have a loss, as there are certain unexpected scenarios that may warrant coverage.

HO-7 Mobile Home Form

Much like the HO-3 but designed to cover mobile or manufactured homes.

HO-8 Older Home Form

This is similar to an HO-3 but is more equipped for the special needs of older homes.

For more information, feel free to reach out to us.