Choosing your Homeowners Insurance Policy Part 2
In our last article about home insurance policies, we discussed the primary four types of home insurance and renters’ insurance. As you read through those options, make sure to follow along and mark off which needs are essential for your home situation. The biggest mistake that homeowners make with insurance is assuming that insurance is a one size fits all. There are eight different types of home insurance that can span a multitude of home needs and specific living situations. Homeowner needs vary all across the nation based on extreme weather and climate. Taking a deeper look into the area you live in, other factors like location and crime rate may affect the policy that you choose.
Home Insurance Policy: HO-5
Knowing that there a lot of potential issues that could arise in any location, purchasing a specific policy to your issues is crucial. For example, the best coverage for areas with extreme weather would be the comprehensive form policy or the HO-5. This policy will cover anything from earthquakes, water damage, insect infestations, to internal threats like mold or rot. This policy would be able to cover the needs of any resident around the world. You will be happy to know that this policy can also cover a certain amount of your personal belongings, more than the average HO-3 policy mentioned in the last article.
Condo owners are just as much at risk or losing their home or having damage caused to their unit from any of the sources listed above. When you own a condo, there are some benefits that homeowners do not have access to. You usually do not have to worry about shoveling snow, general maintenance, insects, etc. There are a lot of positives, but condo owners also have to get a policy that covers their specific needs. An HO-6 policy is specifically for condo owners and covers walls, ceilings, and the unit’s specifics. Another common home option for people is a mobile home, these have their own policies. This HO-7 policy is comparable to that of an HO-3 coverage policy.
The last type of insurance is an HO-8 that covers the needs of older homes. A new home buyer and homeowner would not face issues that a buyer of an older home would face. A lot of older homes come with requirements for insurance coverage. Here at Insuravita we know how hard it can be to decide which insurance to choose for your family. It is an overwhelming process and can be relatively stressful. Insuravita has accumulated the information for you, it is as easy as one, two, three and you can have your quote estimate. Having this information at your fingertips gets you one step closer to protecting your home. Our hope is that his information eases some of the burden and helps you make the right choice for you!
Climate Change is one of those buzz phrases that we hear all the time. The conversation has been happening for years, but it has been hard to get people on…Read More
‘Tis the season! That doesn’t just apply to the holidays, but also to health insurance. You have probably heard the phrase “open enrollment” tossed around either on the news or…Read More
We are all guilty of procrastinating every now and then. Especially when it comes to the somewhat morbid topic of life insurance. We all know that our death is an…Read More
For decades, smoking has been advertised as cool, sexy, and trendy. With the invention of the e-cigarette, tobacco companies did not stray from their tried and true marketing strategy. Plus,…Read More
Among many of the world’s new inventions, e-cigarettes have become a new craze. A recent article from Reuters reported that roughly 1 in 20 Americans are currently vaping or using…Read More
We are all trying to save more money, but sometimes there don’t seem to be any areas to cut back. One avenue to explore is ways to save on car…Read More
We have all heard the horror stories about people not buying specific insurance coverage and then losing their homes to a tragedy. After an earthquake in California, our neighborhood chat…Read More
Mind the Gap There are several situations in life that cause people to either change their health insurance, end their health insurance, or have a gap in coverage. I recently…Read More