Some living situations are easier to determine home insurance needs for than others. If you’re renting an apartment, you need HO-4, which is homeowners insurance for renters. If you own a condo, you need HO-6. But it gets a bit more complicated if you own a home, and you want to choose between something like an HO-2 or an HO-3 or HO-5. The general rule of thumb is that if you can't afford the best coverage, get the best coverage you can afford. Talk with your insurance company to find out what they recommend for your specific location and needs and then ask them to help you get your best rates by looking for discounts.