Are you in the process of buying a home for the first time, and you now need to get home insurance in place before your closing day? You may feel confused about what kind of insurance you actually need since it is not a simple policy that covers all incidents. Here is an overview of the different kinds of home insurance that you may need.

HO-1 Coverage

The most basic policy that you'll need to have is known as HO-1 coverage. It is designed to cover several types of named perils in the policy. The most common perils that you may encounter are fire and smoke damage, which are actually two separate items. This gives you protection from the damage that the fire causes to destroy things in your home, as well as the soot and odor left behind from the smoke that the fire created. 

You'll also get protection from weather events, such as lightning, windstorms, and hail. These are common things that you may run into as a homeowner, which can cause damage to your home's roof, windows, structure, and more. 

There is also coverage for a bunch of different incidents that can be caused by other people, such as vandalism and theft. You'll even have coverage if someone were to hit your house with their vehicle and cause damage to the structure. 

HO-2 Coverage

HO-2 insurance coverage takes everything from HO-1 and adds additional perils that can damage your home. This includes a pipe that bursts and causes water to get into the home, a roof collapse that is caused by the additional weight of heavy snow, and some accidents that you cause involving overflowing water. 

You'll also get personal property coverage for the items in your home that are not part of the structure, such as furniture. This coverage extends to items regardless of where you have them. It even covers an item that is stolen from your vehicle while you are away from home.

HO-3 Coverage

You'll find that HO-3 coverage is where some homeowners find that the cost of the policy is not necessary for the coverage that you get. This is because it covers rarer problems that are not as likely to happen. A big peril that is in HO-3 coverage is flood damage, which is when water enters your home from the outside. Other types of coverage include damage caused by animals or pets, war, neglect, and earthquakes. 

Contact a company like Southern Insurance Professionals to learn more.