WHAT ARE THE TYPES OF HOMEOWNERS INSURANCE?
When you imagine the kind of property that needs homeowners insurance, a single-family dwelling in the suburbs might come to mind, but there are actually eight policy types — or forms — for different property types and coverage needs.
Here’s a rundown of the different homeowner’s insurance policy forms:
* HO-1 – The most basic and limited type of policy for single-family homes, HO-1s are all but nonexistent nowadays
* HO-2 – A more commonly used policy and a slight upgrade from the HO-1
* HO-3 – The most common type of homeowners insurance policy with broader coverage than the HO-2
* HO-4 – A policy type that is specifically for renters
* HO-5 – The most comprehensive form of homeowners insurance and the second most common policy type for single-family dwellings
* HO-6 – A type of coverage designed for condo owners
* HO-7 – The type of policy you get if you own a mobile or manufactured home
* HO-8 – A special type of homeowners insurance for homes that don’t meet insurer standards for other policy forms
WHY TRUSTWAY FOR HOMEOWNERS INSURANCE?
Trustway makes homeowners insurance seamless and instant – plus, lenders love us! You can get a quote online in minutes, with no paperwork or hassle. We’ll take care of the mortgage payments directly with your lender (we work with all major banks and lenders!) so it couldn’t be easier or faster. Trustway automated everything, so getting a policy, filing and getting claims paid instantly, and updating coverages is easy.
HOW CAN I COMPARE HOME INSURANCE POLICIES?
Simple! You don’t have to. One of our licensed Insurance advisors help you compare home insurance policies from multiple providers, walk you through the coverages and process. At Trustway, you can get a homeowner quote in less than 2 minutes online from multiple providers without being bombarded by calls or having to work with multiple insurance companies, separately. One of our licensed insurance advisors will help navigate coverage amounts, limits of liability, endorsements, and other cornerstones of your policy.
IS HOMEOWNERS INSURANCE REQUIRED?
While state regulation may not require homeowners insurance by law, if you take out a mortgage to buy a home, your lender will almost always require coverage. There are more than a few benefits: Beyond protecting one of the biggest investments most people make in a lifetime, consider scenarios where you owe money on your mortgage and your home is destroyed, or someone is seriously injured on your property. Or, if you’re smacked with a personal injury lawsuit and ordered to pay a large sum of money to a third party. In all these instances, your insurer will most likely be able to help you out. Homeowners insurance is financial defense against bad things that may happen in life, giving you much-needed peace of mind.
HOW MUCH HOME INSURANCE DO I NEED?
Your homeowner’s insurance policy should reflect your home and lifestyle needs and should be reviewed from time to time to ensure coverage amounts are always updated. To find out how much home insurance you need, One of our licensed insurance advisors will help you take a look at the different parts of your policy and ensure you’re sufficiently protected, under coverages such as dwelling (cost to replace or rebuild your home), personal property, liability coverage, and loss of use.
HOW MUCH DOES HOME INSURANCE COST?
The cost of homeowners insurance will vary by state and depends on a lot of factors including house age, cost to rebuild, fire protection rating of your city, and building materials, among other things. There are a bunch of things that can lower your homeowners insurance premium: burglar alarm systems, smoke detectors, fire extinguishers, sprinkler systems, deadbolt locks, wind protection, water or temperature alerts, central station reporting alarm, and more. Here at Trustway, we look to maximize your eligible Discounts that takes into account the above, helping you to get all the discounts you’re entitled to when building your quote.