The agents of the Heydari Financial Group in Houston, TX specialize in homeowner insurance. You will be guided to purchase a policy that will meet your needs. Homeowners insurance is essential. A homeowners policy will save you money and enhance your awareness to protect your home. Homeowners insurance is not required by law, but a mortgage company will need a mortgage to protect its financial interest in the home.
Homeowners policies have been standardized by the Insurance Office, Inc. and the American Association of Insurance Services. These organizations developed eight homeowners policies referred to as HO-1 through HO-8.
A. HO-1 is an owner-occupied standalone home that covers ten perils such as Fire or lightning, Hail or windstorms, Explosions, Riots or civil commotion, Damage from aircraft, Damage from vehicles, Smoke, Malicious mischief or vandalism, Theft, and Volcanic Eruptions.
B. HO-2 Is a “basic form” homeowners insurance policy providing coverage on a “named peril” basis that is specifically listed in the policy.
C. HO-3 – Is a “broad form” homeowners insurance policy covering the structure of a home against all losses except expressly excluded losses on an “open-peril” basis. “ while personal property is covered on a “named peril” basis.
D. HO-4 – Is a renters insurance policy which covers renters liability and personal property.
E, HO-5 – Is a “comprehensive form” policy covering the home and personal property on an “open-peril” basis. This comprehensive coverage is not a typical homeowners policy like an HO-2 or HO-3 policy.
F. HO-6 – Is a condo insurance policy covering personal property and the structure of the condo from the wall studs in.
G. HO-7 — Is insurance coverage is for a mobile or manufactured home form similar to an HO-3.
H. HO-8 — Is coverage for an older home similar to an HO-3.
The agents of the Heydari Financial Group in Houston, TX will advise you of the proper homeowner’s insurance form. Please call for an appointment!