Homeowners Insurance is a form of Property Insurance. The Insurance Services Office publishes Insurance Forms which are basic coverage contracts sold as insurance policies by insurance companies.
Homeowners Insurance is the most common form of Property Insurance; this form is generally written for Owner Occupied Single Family Homes but in some cases, it could apply to an Owner Occupied Duplex.
To complicate matters further, mortgage companies do not differentiate the coverage form; they simply define required insurance as 'Hazard Insurance'; the hazard being the risk or collateral against which the mortgage company has leant funds.
If a single family home is owner occupied, a Homeowners Insurance Policy should be purchased; if a 1 - 4 unit dwelling is tenant occupied, a Landlords Insurance Policy should be purchased. For residential apartments with 5+ units, a Commercial Form is required and in many cases can be written as a Residential Apartment Policy under a Business Owners Policy (BOP) package.
For further clarification on the correct form of insurance, contact your insurance carrier or our office and we'll be happy to answer any further questions.
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Homeowners Insurance is the most common form of Property Insurance; this form is generally written for Owner Occupied Single Family Homes but in some cases, it could apply to an Owner Occupied Duplex.
To complicate matters further, mortgage companies do not differentiate the coverage form; they simply define required insurance as 'Hazard Insurance'; the hazard being the risk or collateral against which the mortgage company has leant funds.
If a single family home is owner occupied, a Homeowners Insurance Policy should be purchased; if a 1 - 4 unit dwelling is tenant occupied, a Landlords Insurance Policy should be purchased. For residential apartments with 5+ units, a Commercial Form is required and in many cases can be written as a Residential Apartment Policy under a Business Owners Policy (BOP) package.
For further clarification on the correct form of insurance, contact your insurance carrier or our office and we'll be happy to answer any further questions.