HOME INSURANCE

Home insurance, commonly knowns as homeowners insurance, provides coverage in case your home, property, or personal belongings get damaged or stolen. It can also cover any accident or injury of a third person in your home depending on the coverage you buy.

Homeowners’ insurance is required by most mortgage lenders.

There are different types of homeowners coverages:

• HO-1: Basic Form – most basic and basically non-existent anymore. Your home is protected at its actual cash value with this coverage and only 10 perils are included such as fire, windstorm, explosion, aircraft accident, vehicles, smoke, vandalism, or theft.
• HO-2: Broad Form – upgrade from the basic form and more common type. Your home is protected at its replacement cost and personal property is covered at its actual cash value. It also includes perils such as ice, snow, sleet, water, cracking, burning, freezing, volcanic eruptions.
• HO-3: Special Form – most common type of home insurance in the USA. All perils are covered under this type of policy except for some excluded ones. The excluded perils can be war, nuclear hazard, intentional loss, earth movement, water damage, government action, etc. Make sure to ask specifically what perils your policy excludes.
• HO-4: Contents Broad Form – policy specifically for renters or people who lease their homes. This type of home insurance covers your personal property and rental property anywhere in the world. It also covers your liability and additional living expenses if your apartment is damaged.
• HO-5: Comprehensive Form – most comprehensive form and second most common. It is the best form for single-family home protection.
• HO-6: Unit-owners Form or known as condo insurance.
• HO-7: Mobile Home Form. This insurance covers trailers, single-wide mobile homes, modular homes, sectional homes, RVs, and park model homes.
• HO-8: Modified Coverage Form. This form is designed for homes that do not meet the criteria that the insurer standards require.

What does the homeowners’ policy include?

Home insurance generally includes coverage for destruction and damage to your homes’ interior and exterior, the loss or theft of possessions, and personal liability for harm to others. Three levels of coverage exist actual cash value, replacement cost, and extended replacement cost/value.

How much does the home policy cost?

The average price of homeowners insurance is $1249 per year. However, your home value, location, coverage levels, and discounts can determine the actual price. In states such as Texas, Oklahoma, and Nebraska the average annual rate is above $3000.

How long does the homeowners’ policy last and how can I renew it?

Homeowners policy has to renewed on the yearly basis.

You can renew your policy by logging into your account or by contacting us directly.