What Is HO-4 Insurance? | 2024 (2024)

FAQs

What Is HO-4 Insurance? | 2024? ›

HO-4 insurance is another term for renters insurance. It covers the policyholder's personal belongings but not the physical structure of the rental home.

What is the difference between an HO6 (condo) and HO4 (renters) insurance policy? The HO6 and HO4 both cover your personal property and personal liability, but only the HO6 condo policy has additional Coverage A for the interior finishing of the unit. If you own the condo, you need the HO6.

HO-4 insurance is the technical term for renters insurance. While your landlord likely insures the physical structure of the building you live in, an HO-4 policy provides coverage for your personal possessions if they were to be damaged by a covered peril. On top of that, HO-4 policies provide liability insurance.

HO4 is essentially a financial safety net for you and your stuff. Along with loss or damage due to theft, fire, vandalism, some types of water losses like burst pipes, and other bad things, it also covers temporary living expenses and certain medical or legal fees.

The HO 4 form insures a tenant for direct damage to unscheduled personal property on a broad named perils basis. This policy also provides personal liability coverage and medical payments coverage.

HO-4 insurance is another term for renters insurance. It covers the policyholder's personal belongings but not the physical structure of the rental home. Most HO-4 policies also include personal liability protection and cover additional living expenses if renters are temporarily displaced from their homes.

HO-4 policies will not cover damage to the structure of the place you're renting or damage to your belongings from excluded perils. HO-4 insurance policies cost an average of $174 per year, depending on how much coverage you have, where you're located, and any add-ons you put on your policy.

For example, some HO4 policies also include loss of use coverage. This can help pay for temporary living expenses when a covered incident makes your place uninhabitable. No matter the type of property that's rented – home, condo, townhome, or apartment – HO4 is the type of home insurance policy designed for renters.

A Tenant-Homeowners, or HO-4 policy as it is commonly referred to, covers the insured while they are renting a home or apartment against damage to their personal property against unforeseeable circ*mstances such as water damage from leaks, fire, lightning, hurricanes, and even theft of personal belongings.

Sometimes referred to as “HO6 insurance,” condo insurance can cover liability claims, damage to your condo unit and belongings, and additional living expenses if you're unable to stay in your residence due to a covered incident.

Is the HO-4 form also called the tenants form? ›

Renters insurance form: HO-4

A standard renters insurance policy is also known as an HO-4. This type of policy form helps protect a renter's personal belongings against 16 perils, says the III. An HO-4 does not cover damage to the rental unit.

Since HO-5 policies provide broader coverage, they tend to cost more than HO-3 policies. By paying a higher premium, your personal property will be covered for more loss scenarios than if you purchased an HO-3. That said, the 16 named perils on an HO-3 policy cover the most frequent claims.

An HO-8 policy contains the same types of coverage as a standard homeowners insurance policy, but it only covers your home and personal belongings at their actual cash value in the event of a loss.

HO-6 is designed specifically to cover the exposure of a condominium unit owner. HO-6 provides limited dwelling coverage as well as contents coverage. HO-4 provides no dwelling coverage becaus a tenant doe not own the dwelling; the condo owner does own the condo and is provided with coverage for improvements.

HO-6 insurance is basically homeowners insurance for condo or co-op owners. A typical HO-6 policy covers your belongings, liability, and is designed to cover losses to the structure of your unit that your condo association's master policy won't.

What's the difference between HO3 and HO6? The main difference between an HO3 policy for a single-family home and an HO6 condo insurance policy is that while an HO3 covers the physical structure of your home itself, an HO6 policy only covers what's inside the walls of your condo.

HO6 Policy – Condo Unit Owners Coverage: This policy protects the interior of a condo, belongings, loss of use, personal liability, and more. HO7 Policy – Mobile Home Coverage: This is like an HO3 policy but for folks who have mobile or manufactured homes.