For homeowners, a homeowners insurance policy is a must-have to protect your property and yourself from risk and liability. Getting the right type of policy will ensure you get the optimal protection for your specific situation. At City Centre Insurance Agency LLC in Houston, TX, all types of homeowners insurance policies.
Let’s look at the common types of homeowners insurance policies:
- HO-1: Basic Form: As the name suggests, this is the basic form of homeowners insurance and offers the most limited coverage. Your home and personal belongings are insured for their actual cash value against ten named perils.
- HO-2: Broad Form: This policy is a worthwhile upgrade from the basic form for those seeking pocket-friendly coverage. The home is insured at its replacement cost value, and personal property is covered at its actual cash value against six named perils.
- HO-3: Special Form: The HO-3 policy is the most popular type of home insurance policy, especially among single-family homeowners. It offers coverage for all perils except those intentionally excluded in the policy. Some commonly excluded perils included war, mechanical breakdown, wear and tear, neglect, and intentional loss.
- HO-4: Contents Broad Form: Also identified as renters insurance, it offers coverage specifically to those who rent homes. It covers your property inside the rented house and anywhere worldwide. For instance, if you travel for a holiday and lose your personal laptop, you will be covered by the HO-4 policy.
- HO-5: Comprehensive Form: This policy offers more robust protection for single-family homes. Both the house and personal property are covered at replacement cost value. This coverage is more suitable if you have high-value assets, like gold jewelry and expensive art, within your home.
Need a reliable home insurance policy in Houston, TX?
Welcome to City Centre Insurance Agency LLC for incredible home insurance offers. Contact us today for free insights on what type of home insurance policy suits you.
