Laredo, TX Homeowners Insurance Quotes (2023)

The simplest and least comprehensive type of homeowners insurance

Provides coverage for a handful of potential problems, including

• Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
• explosions,
• theft,
• damage from vehicles,
• or civil commotion.

Broad form homeowners insurance policies include all basic form coverage, plus protection from:

• falling objects,
• damage from the weight of ice, snow, or sleet,
• freezing of household systems including HVAC and pipes,
• sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
• accidental discharge or overflow of water or steam,
• sudden and accidental damage.

HO-2 policies typically cover both dwelling protection and personal property.

In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.

The most common form of homeowners insurance is known as a “special form” policy.

While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.

HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.

Tenant’s form policies typically cover all the same dangers as HO-2 policies.

These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.

Some HO-4 policies may also include loss of use coverage for the tenants.

Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.

The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.

An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).

HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.

Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.

They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.

These policies also include personal property and liability coverage and may include loss of use coverage.

If you own a mobile home or manufactured home, you likely have an HO-7 policy.

Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.

Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.

HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.

Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.

HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.

Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

Home insurance isn’t one-size-fits-all. There are many different types of home insurance policies designed to cover a variety of home situations. However, if you can’t quite find exactly the combination of coverage options you need through a standard homeowners insurance policy, it is possible to add additional coverage options through a policy endorsement, sometimes called an insurance policy rider. You can cover expensive personal items by adding separate coverage for them through a scheduled personal property endorsement. If you have expensive jewelry, electronics, art, coin collections, etc., it may be a good idea to schedule those items so you’ll have the money to replace them after a home loss event, such as a theft or fire. If you are worried about water damage in your home, you can add a water backup endorsement. This adds additional coverage for home damage caused by a clogged or damaged drain or a sump pump. Sometimes, losses can be even more personal. Cybercriminals can hack into your computer to steal information, such as your Social Security number, credit cards, usernames, and passwords. Identity theft insurance provides coverage for expenses you’ve suffered after having your identity stolen. In today’s world, you can never be too careful! Your insurance agent may be able to help you identify other additional insurance options to give you more comprehensive insurance protection. Are you looking for additional home insurance options? Insurify can help you quickly get a home insurance quote with an insurance company that offers additional coverage options. It only takes a few minutes if you are ready to get started!

Fortunately, there are steps you can take to make sure you are getting all the possible savings available when shopping for home insurance products. The first step is seeing what home insurance discounts you may already qualify for. One of the easiest ways to receive a home insurance discount is through bundling your auto and home insurance policies. You can get a discount on both home and auto insurance if you buy both policies with the same insurance company. Here are a few other common home insurance discounts you may qualify to receive: Monitored home security system Impact-resistant roof Claims-free discount New home discount Loyalty discount Paying in full Monitored fire alarm system Gated community discount Non-smoker discount If you are in doubt whether any of these discounts are available to you, make an appointment at your local insurance agency to discuss them with your agent. Before you go to any appointments, make sure you are prepared to follow all state and local mandates put in place to protect the public from COVID-19, such as wearing a face covering and maintaining a distance of at least six feet between you and other people.