|
Insurance Type
|
Policy Form
|
Target Audience
|
Structure Coverage
|
Personal Property Coverage
|
Liability Limits
|
Key Exclusions
|
Typical Annual Cost (Inferred)
|
Source
|
|---|---|---|---|---|---|---|---|---|
|
Homeowners Insurance
|
HO-3 (Standard), HO-5 (Premium), HO-8 (Older Homes)
|
Owners of single-family homes, townhouses, or duplexes
|
Dwelling (house structure) and other structures (detached garage, shed, fence)
|
Belongings inside (furniture, clothes, electronics); typically 50-70% of dwelling coverage
|
US: $100,000-$300,000 standard ($300,000-$500,000 recommended); Canada: $1M-$2M standard
|
Flood, Earthquake, wear and tear, maintenance issues, intentional damage, business activities, pests
|
US: $1,400-$2,000; Canada: $1,000-$1,800 CAD
|
[1]
|
|
Condo Insurance
|
HO-6
|
Condominium owners
|
Interior of unit (walls, floors, cabinets, appliances) and improvements
|
Personal belongings inside the unit
|
Standard liability coverage for unit-related incidents and loss assessment
|
Building exterior, common areas (covered by association), flood, earthquake
|
$400-$900 (Generally lower than homeowners but varies by location)
|
[1]
|
|
Landlord Insurance
|
Not in source
|
Property owners who rent out houses or apartments
|
Building structure
|
Not in source (Tenant’s belongings are excluded)
|
Liability for injuries on property and property owner liability
|
Tenant’s belongings, wear and tear, intentional damage by tenant, flood, earthquake
|
15-25% more expensive than standard homeowners insurance
|
[1]
|
|
Renters Insurance
|
HO-4
|
Tenants renting apartments, houses, or condos
|
None (Building structure is landlord’s responsibility)
|
Personal belongings (furniture, clothes, electronics, jewelry)
|
Personal liability for injuries or damage caused in the rental unit
|
Building structure, landlord’s property, roommate’s belongings, flood, earthquake
|
$180-$360 ($15-$30/month)
|
[1]
|
Home & Property Insurance