HO-1: Basic Home Insurance
The Basic homeowners insurance policy covers damages to both
the main structure and your personal belongings. Included are damages
resulting from 11 types of disasters such as fire or lightning, windstorm
or hail, explosion, theft, etc. Personal liability is also covered.
In most cases, HO-1 will be enough for you to receive mortgage financing.
As it only covers damages from limited number of causes, however, it’s
not very common and is only offered in a few states nowadays. |
