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The Curious Bag
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A homeowner's insurance policy can provide you important peace of mind in the event of a loss to your home or property. The broad form homeowner's insurance policy adds some important coverages to the basic coverage homeowner's policy (HO-1).
Significance
The difference between the the basic coverage form (HO-1) and the broad coverage form (HO-2) is the addition of these covered perils: falling objects, weight of snow, sleet and ice, damage to water heating systems, volcanic eruption, damage from plumbing or appliances, freezing of plumbing or appliances and damage from artificially generated currents.
Exclusion
Damage to water heating systems, plumbing or appliances or artificially generated currents is only covered if the cause of damage is accidental or sudden. There is no coverage for gradual deterioration.
Property Coverage
The property that is covered by the broad form of homeowner's insurance is your dwelling and personal property.
Eligibility
To be eligible for a broad form homeowner's policy, you must own your own home, rent or lease your home or be the owner of a residential condominium unit.
Rates
Because the broad form homeowner's insurance policy varies in cost, the best way to find a good rate is to shop online and compare rates from different companies.
Source:
Insure.com: Home Insurance Basics
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