There are many differences in homeowner’s insurance policies, but at the most basic level, many cover the same things. Some coverage seems pretty obvious and other items are less obvious. Here is a general overview.

Disclaimer: Since every policy is different, you should speak to a qualified agent about what your policy specifically covers. If you are in California, call (800) 331-4700 if you have questions about homeowner’s insurance policies.

Types of Homeowner’s Policies

The most common type of homeowners insurance is HO-3, which covers the items described for single-family residences that are owned.
HO-1 Basic homeowner policy that covers 11 listed perils and listed contents. Coverage for: fire or lightning, windstorm or hail, vandalism or malicious mischief, theft, damage from vehicles and aircraft, explosion riot or civil commotion, glass breakage, smoke, volcanic eruption, and personal liability. Exceptions include floods and earthquakes.

H0-2 Broad form Homeowner Policy. This type of policy includes the 11 perils listed above, plus 6 additional perils listed in the policy.

HO-3 Special Form Homeowners Insurance Policy. Most common type of policy that covers most perils, with the exception of earthquake and flood. Contents are included up to certain levels.

HO-4 Renter’s Insurance covers personal posessions and includes liability for personal injury and property damage to others.

HO-5 Premier Homeowner Policy. Similar to HO-3 but contents are covered on a non-peril specific basis, as long as there is no exclusion in the policy.

HO-6 Covers Condominium units. Typically for coverage of contents as well as floor covering, cabinets, appliances, and so forth.

There are additional homeowners policies not listed here, but these are the major types.

What do Homeowners Policies Typically Cover?
Structure
If your home is damaged by fire, hurricane or other named perils, insurance will pay to repair or replace what is damaged. Earthquake and flooding requires a separate policy and damages caused by these types of events are not covered under a standard policy.

Personal Possessions
Furniture, clothing, computers, sofas, tvs and similar items are also covered, even if the item is not in the home. You many need to schedule additional coverage, or purchase a rider, for valuables items like furs, jewelry, art, computer equipment, camera equipment, or other items if their value exceeds a specified limit.

Living Expenses
Your policy will likely pay for living expenses such as hotel stays and restaurant meals if your home is damaged and needs to be rebuilt.

Additional Things Homeowners Policies Cover
You may be surprised, but your policy probably covers:

Ordinance or Law Coverage
If your home is damaged and needs to be rebuilt, many policies cover items required because of changes in the law since your home was built. There will likely be a limit to the amount of coverage, but more coverage can always be purchased.
Spoiled Food
If you lose power and all the food in your refrigerator and freezer spoils, most homeowners insurance policies cover up to $500 to replace the food.

Liability
If someone in your immediate family hurts others or damages their property, your insurance may cover liability up to a certain amount, generally starting at $100,000.

Liability can also cover you in a slander or libel suit. If you write something that slanders or libels a person or organization and you are sued, you will probably have some basic coverage through your homeowners insurance policy.

Accidents
If your child rides his bike into a neighbor’s fence and breaks it, your homeowner’s policy will likely take care of the damages.
Your College Student’s Property
If one of your children is living on campus, their property is covered under your homeowner’s insurance policy. If they live off campus, they will probably need their own renter’s policy.
Other Structures
A homeowners insurance policy will usually cover buildings on your property that are not attached to your home. However, double check this with your agent.

Medical Payment Coverage
If someone is injured on your property, this will help cover the medical bills.