There are many insurance plans available to offer coverage for various types of damages or accidents. All families must have at least one of these three.
Types of Owner Policies
The homeowner’s insurance falls under one of six categories. HO-1 and HO-2, as they are more commonly known, only cover the property against specifically listed damages. These policies vary as to what damage is covered, and does not protect belongings on the property. HO-2 forms offer more coverage than an HO-1.
HO-3 protects against all sorts of damage, not just specifically listed damage. It also protects a select list of belongings located within the specific damage structure.
HO-4 and HO-6 cover only belongings. Tenants use these policies as owner or management company that has coverage in the home. Like HO-1 and HO-2, HO-6 offers greater protection than HO-4 and is more expensive.
HO-5 is similar to HO-3 in that it covers property as well as personal belongings. The difference is that HO-5 covers all belongings, not just a set of few. It is also more expensive than some of the others, but worth it.
Types of medical options
Doctor is another common form of insurance, and as with owners, there are different types for you or your employer to choose from.
Health maintenance organization, or HMO, is one of the most commonly used types. This plan allows you to choose from a network of providers, and also includes preventive care. However, you should be referred by your primary care physician to see a specialist. There is also a small copayment that you must pay at each appointment.
The Preferred Provider Organization, or PPO, also has a network of doctors available. Unlike an HMO, you do not have to choose a primary care provider. You can see any doctor, or even a specialist, as long as he is in the network. Also, you do not have to have a referral to switch doctors. As with other plans, each visit requires a copayment.
The Exclusive Provider Organization, or EPO, works very similar to HMOs and PPOs. These cost less and have a network of providers available. However, unlike a PPO, where a network doctor’s visit was covered up to a point, there is no out-of-network coverage for these plans.
The Plan Service Point, or POS, is a hybrid between an HMO and PPO. POS requires a primary care provider assignment, but you can consult doctors outside the network if you are willing to pay a higher copayment.
Different Auto Coverage
Car insurance is also widely used. Depending on the terms of your loan and state requirements, some options may not be available to you.
The liability plans cover damages and medical bills in case the accident was considered your fault. It only covers the damage done to the property of the other person, as well as any of your medical bills. Most states require this as minimum coverage. It is also the cheapest option available.
The collision coverage will pay for repairs to your vehicle in the event of an accident. This type of insurance is worth having in addition to liability coverage even if you have an older vehicle that has no lien. In the event that your vehicle adds up, your plan covers the value of your car. This policy is mandatory for mortgage holders.
Full coverage covers anything unrelated to an accident, such as if your vehicle is stolen or hit a deer. For most creditors, this is a requirement.
Uninsured motorist is something that everyone should consider. While most states require at least liability coverage, some drivers do not keep plans much further than getting their license or tags. This policy protects you in the event that another person causes harm and does not have a plan in place to pay for repairs.
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