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Homeowner policy forms are used for Owner-Occupied residences, not rental or vacant properties. Homeowner forms can be used for owning a home, villa, condo or renting an apartment; however, there are different homeowner forms for each.
HO-3, HO-5's are used for owners of houses or villa's where owner is responsible for damage to exterior of residence. HO-6's are for Condominium unit owner occupants who are not responsible for exterior of building. HO-4's are for renters of a home, apartment, living with someone else when not related to them. The HO-4 only protects the renter's personal property.
Dwelling Fire policies are used when the owner of the property does not reside in the unit. A DP-1 can be used for a VACANT property or owner of a property perhaps only looking for a market value policy not interested in rebuilding the home. The DP-1 is the most basic policy provided very limited coverage. If wish to rebuild your rental then DP-2 or DP-3 is recommended.
Each of these policy forms allows add on to the policies such as Vandalism or Liability etc.
If you would like more information please contact Flanigan Insurance @ 314-727-6000
Posted Tuesday, June 30 2020 12:15 PM
Tags : homeowner insurance, rental property insurance, policy forms, missouri insurance
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