Compare Home Insurance Online
Are you a homeowner or renter looking to insure your home and belongings are safe from damage, theft, or natural disasters? Read more here to find out what insurance policy will fit best for you today.
Buying a home is a life goal many people must have security that can be passed down to future generations. Buying a home is one of the most important purchases you will make in your lifetime. And protecting your purchase is of the utmost importance to ensure your family’s financial health.
Investing in home insurance will benefit you if there is any damage to your home from natural storms, or accidental fires. If somebody retains an injury in your home, homeowners insurance covers any financial legal burden that results. Home insurance also protects you if your home is broken into and your cherished belongings are stolen. But knowing you need insurance and knowing how to begin getting it are often two vastly different things. Use this handy guide to help you narrow down the search for home insurance.
Types of Home Insurance Policies
When it comes to investing in home insurance, it is important to know the different types of policies you can invest in. There are 8 levels of home insurance policies, starting with the least expensive and least coverage, to the most expensive and most coverage. Here is a brief overview.
- HO-1 HO-1 is the least expensive type of home insurance with the least coverage, and at this point it is an obsolete policy for the most part. With this policy your home and items will only be covered to their most current value. This policy additionally only provides coverage for damage incurred in the following situations: theft, falling objects, damage from a vehicle, smoke damage, damage from an aircraft, explosions, hail or windstorms, riots, or fire or lightning damage.
- HO-2 HO-2 policies protect your home fundamentally, at the cost needed to rebuild and replace the foundational structure. Any objects within your home are protected at their current market value. This policy covers damages from only six different situations which include damage from volcanic debris and eruption, damage from power surges, damage from freezing such as broken pipes, accidental and sudden damage from a built-in appliance malfunction, flooding damage from a body of water, or weight damage to a covering from snow, sleet, or ice.
- HO-3 HO-3 policies are much like HO-2 policies in that your home’s structure is covered at its foundational replacement cost, and your items are covered at their current market value. HO-3 policies cover damage incurred in all 16 of the situations listed in both HO-1 and HO-2 policies. In fact, in HO-3 policies your damages are covered from all situations besides situations listed in the policy agreement including things such as normal wear and tear, and damages incurred from smog or industry pollution.
- HO-4 HO-4 policies is an insurance policy for those who rent their home, also referred to as the renter’s policy. This policy covers your belongings at their replacement cost, whether they are damaged or stolen from inside or outside of your home. Additionally, your items are protected from all of the incidents listed in both the HO-1 and the HO-2 policies, and if damage is to occur to your rented space you are covered for liability and legal fees and temporary living expenses.
- HO-5 HO-5 policies are an upgrade from HO-3 policies. With HO-5 policies your home’s structure and your items are covered at their replacement cost rather than current market value. Additionally, you will receive full risk coverage for your home’s foundation and your belongings, and high value items such as furs, jewelry, and electronics will be covered at high limit.
- HO-6 HO-6 policies are also known as condominium insurance. These policies vary according to what the condominium association already covers with the policy they have in place. This type of policy will cover liability, any structural replacement costs for upgrades you personally make to your condominium, replacement cost for your belongings, loss of use and assessment of loss costs, and medical fees from injury incurred within the condo.
- HO-7 HO-7 policies are known as insurance policies for mobile homes. This type of policy is the same as Ho-3 insurance, except to cover all types of mobile homes.
- HO-8 HO-8 policies are created for homes that are deemed too risky for an HO-3 or HO-5 policy. This policy is suitable for very old homes that have outdated plumbing, wiring, or roofing. This policy only covers foundational damage at the cash-value price and not at the replacement value. This policy is intended for people who want to preserve a home as it was when it was built long ago which would disqualify it from being covered by other insurance policies.
Where to Look for Home Insurance
There are many companies ready to help you find affordable home insurance today. The average cost of home insurance in 2022 is about $1,400 annually for $250,000 worth of coverage for foundational replacement. Depending on where you live and what type of policy you are looking for, the annual price will vary. Some places with a higher risk of natural disaster have a higher base cost for home insurance. The good news is, there are companies with many varying policies looking to help you insure your home today. Here are some of the more reputable home insurance companies and their average annual fees.
State Farm- $1300
The Hartford- $2000
American Family- $1100
How to Get a Free Quote Online Today
If you are looking to purchase home insurance for your home, you can get a free quote by going to your selected insurance company’s website and getting a free quote through a representative online or through their online quote calculator. If you are looking to compare quotes in your area, you can go to a quote comparison website such as quote wizard to compare home insurance quotes today, and find the company that is best for you.