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house at nightDepending on your home insurance schedule, your homeowner’s policy may cover things like personal property that is damaged while not in the home and medical expenses of third parties injured on your property due to your negligence. When you go in to talk to your agent about homeowner's insurance, be sure to ask about the different policy schedules and which one is right for you.

Schedule A  (HO-1)

While schedule A insurance used to be the industry standard, it has fallen out of favor and isn’t nearly as widely available as it used to be. This insurance covers the structure of the home as well as its contents against the 10 major disasters that can befall a home, including vandalism and fire.

Schedule B (HO-2)

Certain homeowners need to take out protection against particular events like heavy snowfall causing roof damage or power outages. This is usually an add-on to a standard home policy and is used in areas where extreme conditions warrant it. It is sometimes used as an individual home policy on mobile homes as the premiums are low and the coverage can be written to cover the major causes of mobile home damage.

Schedule C (HO-3)

Schedule C home insurance covers the entire home and its contents, including any injuries that occur while in the home. In addition, it covers flood damage, damage from war and earthquakes. These inclusions make schedule C one of the most comprehensive and expensive choices.

Schedule D (HO-4)

Schedule D is renter's insurance that covers the same items that are covered for owners in Schedule B and C.

Schedule E (HO-5)

While all the policies up to this point only cover the physical home and its contents, Schedule E covers the entire property. So if a person is hurt while in your driveway or yard, this policy will cover it. It also covers damage to fences and outbuildings and their contents.

Schedule F (HO-6)

This is specific household insurance comparable to Schedule C for Condominium owners.

Schedule G (HO-7)

If you own a mobile home and choose not to take out Schedule B insurance, the more comprehensive Schedule G is your best choice. This policy covers the structure and all belongings, and if you include a float policy, it can also include outbuildings such as sheds and carports.

Schedule H (HO-8)

Schedule H is the same policy as the Schedule A policy with the only difference being that the home will be paid out as a current cash market value instead of a replacement cost value. This policy is usually used on hard to replace older homes. Taking out this policy instead of a Schedule A could be the difference between having all of your losses covered and just a portion of them.

Schedule I (HO-9)

Schedule I insurance is used for older homes. It is often a Schedule C policy with special provisions for leaky plumbing coverage, electrical systems coverage and insect damage, although it can be tweaked to account for any area-specific  peril.  

 

As you can see, there are several types of home insurance that you can purchase. Which one is right for you depends on the amount of coverage you are looking for, and the type of home that you own. By far, the most common insurance is the Schedule C or E option, although many homeowners would do well to consider additional riders or floater policies  to secure complete coverage.

For more information about Tampa home insurance, give Adcock-Adcock Insurance Agency a call at 813-933-6691.

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