Chesapeake, VA Homeowners Insurance Quotes (2023)

The simplest and least comprehensive type of homeowners insurance

Provides coverage for a handful of potential problems, including

• Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
• explosions,
• theft,
• damage from vehicles,
• or civil commotion.

Broad form homeowners insurance policies include all basic form coverage, plus protection from:

• falling objects,
• damage from the weight of ice, snow, or sleet,
• freezing of household systems including HVAC and pipes,
• sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
• accidental discharge or overflow of water or steam,
• sudden and accidental damage.

HO-2 policies typically cover both dwelling protection and personal property.

In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.

The most common form of homeowners insurance is known as a “special form” policy.

While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.

HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.

Tenant’s form policies typically cover all the same dangers as HO-2 policies.

These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.

Some HO-4 policies may also include loss of use coverage for the tenants.

Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.

The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.

An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).

HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.

Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.

They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.

These policies also include personal property and liability coverage and may include loss of use coverage.

If you own a mobile home or manufactured home, you likely have an HO-7 policy.

Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.

Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.

HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.

Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.

HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.

Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

It is not necessary to purchase additional coverage for vandalism. Your insurance company provides coverage for vandalism on a standard home insurance policy, including damage to your home, property, and personal belongings. Common forms of vandalism include graffiti on walls or garage doors, landscape damage (including cutting down or damaging trees or shrubs), breaking windows, sign removal or destruction, and arson. If your home is vacant for an extended period of time, your homeowners policy may not cover any damage caused by vandalism. In some cases, it is possible to add additional coverage to protect you while your home is vacant. Check with your insurance agency for further details.

More people than ever before find themselves working from home. It makes sense to have an option to cover your home business with homeowners insurance. There are a few different ways you can go about purchasing home business coverage. • Homeowners policy endorsement: This option may be ideal if you have less than $5,000 in business property kept at your home and do not have clients visiting your home. • In-home business policy: This policy provides more comprehensive coverage for your business equipment and more liability coverage than a homeowners policy endorsement. • Business insurance policy: If you frequently have clients visiting your home, you are opening yourself up to liability if a client suffers an injury. Also, if your home business is your family’s main source of income, you may need the additional coverage provided by a business insurance policy. Insurify makes it easy to compare home coverage options (including home business coverage) from top insurance companies, including State Farm, GEICO, Allstate, and Nationwide, in only minutes!