If you’re having a hard time finding the type of insurance that you feel would be right for you, you are not alone. Millions of homeowners each year take to the internet to shop their insurance rate, or to just try to find out exactly what their home insurance is protecting them from. One of the most common questions homeowners have is about the different home insurance policy types. The home policy form that most homeowners seem to be confused about is the HO8.
The HO8 home insurance policy is a very basic home insurance policy. It typically will insure the home at market value. This means that the home is not insured at replacement cost. Replacement cost is the best type of insurance coverage available, because if you have replacement cost coverage, and your home gets damaged, your home will be repaired with nothing more than your deductible out of pocket. This is not always the case with homes insured at market value.