8 Different Types of Homeowners Insurance For Houston First Time Home Buyers to Choose From

Good morning, Did you know there are 8 different types of homeowners insurance? Because figuring out the type of homeowners insurance policy you need is essential, here are the basic on each.

• HO-1 The most basic and limited type of policy for single-family homes. Home and belongings are covered at actual cash value. Very simple.

• HO-2 This is a more commonly used homeowner policy. It is basically an upgrade from the HO-1 policy. While you do have more coverage, there are still limitations.

• HO-3 The most common type homeowner policy with broader coverage. 

• HO-4  This policy is used specifically for renters. Covers your personal belongings both inside the rental property and anywhere in the world. For example, if your iPad gets stolen while traveling.

• HO-5  This is the most comprehensive for single-family homes.

• HO-6  This one is for condo owners.

• HO-7 Own a mobile or manufactured home? This one is for you.

• HO-8  If you own a home or buying a home that is 40 years or older, speak with your licensed insurance agent about this policy.

Most homeowners will choose HO-1, HO-2, HO-3 or HO-5 insurance policy depending on their needs. During your home buying process, speak with your licensed insurance agent to find out which policy will best meet your needs at the most affordable price.

Also, remember, as the value of your home increase, so will the cost to insure the home. Speak with your insurance agent to make sure you are adequately covered so there are no surprises. Thank you so much for stopping by. Until next time...Diana

Image Created by Diana for First Home Houston