What types of insurance policies exist and how do they protect you?

We’re about to drop some industry terms on you, so brace yourself. If you’re starting out with insurance, it’s smart to get on good terms with these policy types.

• HO-3: A standard homeowner’s policy.
• HO-4: Renter’s insurance to protects the belongings of someone renting a home or apartment; the owner of the unit would need a separate landlord insurance policy to protect the structure.
• HO-5: A homeowner’s policy with broader coverage for additional perils.
• HO-6: Insurance for someone who owns a condominium; the condo association will likely have coverage to protect the building and its common areas.
• DP-1: Insurance for the owner (landlord) of a property that may be vacant.
• DP-3: Insurance for the owner (landlord) for a property that is occupied by a tenant.