Congratulations on your home in South Carolina! Buying a home, whether it’s your first one or you recently moved into a new house, is always exciting. Even if it’s not a new build, there’s still something special about walking through the door for the first time.

Being a homeowner also comes with responsibilities since you now have a property to maintain. Even if a HOA doesn’t manage your neighborhood, you still want to keep your neighbors happy. Something else to add to your to-do list is to get homeowners insurance in South Carolina.

Not sure if you need homeowners insurance or how much coverage to get? Here’s what everyone should know about homeowners insurance.

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Types of Homeowners Insurance Policies

Like most other types of insurance, you have different coverage options to choose from. In other words, all homeowners insurance policies aren’t created equal. You actually have eight different types of policies to choose from.

Each one offers a different layer of protection, and prices vary depending on the coverage. While this can seem confusing, it’s actually a good thing. This way, you can find a policy that fits your needs and budget.

Here’s a quick look at the different types of homeowners insurance policies available in South Carolina.

HO-1

A homeowner (HO) – 1 policy is the most basic and affordable. You have coverage for your home’s structure and any attached buildings, like a garage. Your appliances and certain features like flooring are also covered.

However, your personal belongings are exempt. For example, if you have to deal with floods, your carpeting is not covered by your furniture or electronics.

When it comes to natural and manmade disasters, you have some coverage. You’re covered if a volcano erupts, even though this isn’t an issue in South Carolina. So if an airplane falls on your roof, don’t worry, the insurance will cover the repairs. You’re also covered for damages that occur from:

• Explosions
• Fire and lightning
• Hail and windstorms
• Riots
• Smoke
• Theft
• Vandalism

HO-2

HO-2 insurance is similar to an HO-1 policy. The primary difference is your personal belongings are also covered. The list of disaster coverage is also expanded. You’re covered if your roof collapses from snow or ice.

Frozen pipes and HVAC systems are also covered under the policy. Most of the essential systems in your home are also covered. However, even though your smart home system may be a necessity, it’s not covered under an HO-2 policy.

HO-3 Policy

Most homeowners go with an HO-3 policy. Not only are your home and personal property covered, but the policy also includes liability, medical expenses, and some living costs like hotel rooms. This type of insurance is also known as open coverage, primarily because it includes almost all manmade and natural disasters you can think of. The coverage list is extensive, but here’s a short example:

• Any animals you own
• Damage from birds, rodents, varmint
• Defective construction or maintenance
• Earthquakes
• Floods
• Foundation issues
• Mechanical breakdown of essential home systems
• Mold, fungus, wet rot
• Nuclear hazards
• Pet or animal damage
• Pollution and corrosion
• Power failures
• Smog, rust, or corrosion
• Theft, vandalism, and frozen pipes in vacant houses
• Wear and tear

If a war breaks out on your property, the HO-3 policy also covers any damages. Yes, the list is extensive and sometimes a little silly, but it’s comforting to know your insurance covers just about anything that can damage your home.

HO-4

An HO-4 insurance policy only applies to rents and not homeowners. If you’re renting out a room or building on your property, you may want to recommend this type of insurance. There are some things that even an HO-3 policy doesn’t cover, and this includes renters’ personal belongings.

HO-5

HO-5 homeowners insurance is considered an open policy, which means additional perils can be added to the policy if necessary. However, don’t get too excited. If you expand the policy, your monthly premiums also go up. However, you do get property, personal belongings, medical, and liability coverage with an HO-5 policy.

HO-6

If you own a condo, this is the type of homeowners insurance you’ll want to get. An HO-6 policy is written especially for condo owners. Since you only own the condo and not the building or grounds, coverage is limited to your unit. Why do you want condo insurance if the HOA also has a policy? The simple answer is to guarantee you’re covered inside and outdoors.

The HOA’s policy takes care of the building. For example, if the roof collapses, the HOA’s policy kicks in. This also applies if someone is injured outside. However, any damage inside the condo or injuries are your responsibility.

HO-7

An HO-7 homeowners insurance policy is designed for manufactured and mobile homes. RVs, trailers, sectional, and modular homeowners can also carry an HO-7 policy. The coverage is similar to an HO-3 policy.

Everything from the structure to your personal belongings is covered. You also have medical and liability coverage. The policy does specify which circumstances are covered. Don’t worry, the list is similar to other homeowner policies. You even have coverage if your home is damaged in a riot.

HO-8 Policy

If you’re the proud owner of an older home, an HO-8 policy may be the best option. You get the same coverage as an HO-3 policy.

Yes, wars and riots are covered if they happen in your yard or living room. The primary difference with an HO-8 policy is how it’s designed. The policy recognizes older homes are often more expensive to repair. Your caps are typically higher without having to pay a more expensive premium.

However, don’t think you can use an HO-8 policy on a new construction. The insurance agent typically requires proof of the home’s age and/or historical value. Your home must meet the criteria to qualify for an HO-8 policy.

Choose the Right Policy to Ensure Adequate Protection

Selecting an insurance policy for your home requires careful consideration, as it’s crucial to ensure the policy matches your property’s specific needs and characteristics. The market offers a diverse range of options tailored to various types of structures, from mobile homes to historic residences.

Therefore, investing time in researching and comparing policies is key to finding one that provides comprehensive coverage for your unique home, ensuring you are adequately protected in any situation.