Reliant Insurance Group is proudly serving Indianapolis, IN, Denver, CO, Fargo, ND, and surrounding areas.
Buying a home means taking a risk, and you want this to be one of the best financial investments you have ever made. That means protecting your house as you work to make it your home.
It costs a lot of money to buy and furnish a home, but you could lose it all in an instant following a hazardous event like a fire, severe weather or acts of theft. To have financial help in your recovery, you should invest in a quality homeowners insurance policy.
Sometimes, it might not seem obvious what coverage you need for your home and family, so it is always an immense help to work with an insurance agency that knows how to tailor coverage to you and your full household. The dedicated agency team at Reliant Insurance Group can supply expert, insightful guidance in helping you establish the correct balance of coverage for you.
To get covered, all you have to do is trust us. Give us a call at (800) 283-4225 or request your free, no-obligation quote online right now!
Common Homeowners Insurance Questions
How many types of homeowners insurance are there?
Homeowners insurance must be made to fit the property in question. There are eight different types of policies, each of which will offer different benefits for different properties.
HO-1: This is the most basic type of coverage, which only pays for damage to your home and possessions at their actual cash values. The policy will also only cover damage from a limited set of hazards.
HO-2: Under an HO-2 policy, you receive coverage for the replacement cost value of the dwelling, and you will have coverage for an expanded set of perils.
HO-3: HO-3 policies are very expansive in the perils they will insure your home against. Your policy will specifically list the types of dwelling damage it will exclude, but any peril that is not listed will have coverage.
HO-4: An HO-4 policy is insurance for renters. It will cover the resident’s own possessions and liabilities within the home. However, it will not cover the dwelling because the renter does not own the dwelling. This coverage will not insure property owners.
HO-5: HO-5 policies offer the most expansive coverage on the market. It covers both possessions and the dwelling at the replacement cost value. It also is all-risk coverage that applies to both the dwelling and the possessions within the home. You can also receive specific coverage for high-value items.
HO-6: Also called unit owner coverage, an HO-6 policy covers condominiums and similar dwellings. It will cover your possessions, liabilities and the portions of the structure that are your contractual obligation to insure.
HO-7: HO-7 policies cover mobile homes. Because of the unique features of this type of home, you cannot insure it under a single-family home policy.
HO-8: HO-8 policies are similar to HO-1 coverage. However, they apply to properties with unique insurance risks, such as antique homes or homes that do not meet insurer qualifications for standardized coverage. If your home needs substantial upgrades because of current code restrictions, this might be the only coverage for which you can apply.
What coverage can my policy provide?
Depending on the homeowners insurance policy you choose, you might be able to obtain:
Dwelling Coverage: Pays for damage to your house following damage from fires, severe weather, theft or vandalism.
Other Structures Insurance: Coverage will pay for damage to structures on your property like detached carports, storage sheds or gazebos.
Possessions Insurance: When your household belongings get lost or damaged in covered hazards, this coverage will pay to replace them.
General Liability Insurance: If the homeowner’s mistakes or negligence cause harm to someone else, like a neighbor, then this coverage can help you pay the costs of that person’s recovery.
Loss of Use Coverage: After a hazard in the home, you might have to move out temporarily. This coverage will pay for many of your living expenses in the meantime.
Medical Payments Coverage: If a guest gets hurt in your home, this coverage can pay for their medical costs even if the accident was not your fault.
You can also buy a variety of coverage endorsements and extended protection for items like collectibles, extended liabilities and special home additions.
What is the average cost of homeowners insurance?
Nationally, the average homeowners insurance policy costs about $2,300 per year. However, policy costs vary widely based on specific factors such as the value of your property, your chosen coverage, where you live and whether you qualify for policy discounts.
Your Reliant Insurance agent is more than happy to help you find optimized coverage for your budget. We are an independent agency, and can compare the policies of multiple insurance carriers to figure out which one offers you the most savings.
How many homeowners insurance claims are too many?
As you make homeowners insurance claims, you will begin to look like a riskier client to your insurance provider. Every claim equals money lost to the insurer. So,if you constantly make claims, then when the time comes to renew your policy, then your insurer might have to raise your premium. Or, they might have to terminate your policy altogether.
In most cases, you should always be careful to take care of regular home maintenance and keep your home in prime working order. That way, you will only have to turn to your homeowners insurance in situations where unexpected or excessive damage occurs on the property.