Rhode Island Homeowners FAQ: What are the different levels of homeowners insurance in Rhode Island?
• HO1 – The first level specifies perils with very limited coverage. This is usually the minimum insurance that your lending agent will require. • HO2 – The second level of homeowners insurance specifies perils with less limited coverage. Where it will not cover everything, it will cover a lot more than a HO1 policy. • HO3 – This level of insurance covers all perils on buildings and specified perils on personal property excluding the risk of floods, earthquakes, war and nuclear accidents. You will want to look into the changes that were made in the act-of-war exemption. These have changed since the terrorist attack of September 11. Some insurance companies will now cover your home in the event of a terrorist attack. This is where you are able to start adding your personal effects as well as riders for jewelry, art or antique collections. • HO4 – This is renters insurance. It will cover the cost of your personal effects but not the cost of the house you are living in. • HO5 – Condominiu
