Major Factors To Help You Choose A Home Insurance Policy

Homeowners' insurance policies come in various forms. If you want to get quotes for your home, you should first know which type of policy is suitable for your home. Here are some of the major factors that determine the appropriate policy for you.

Extent of Protection

One of the primary differences between different types of home insurance policies is the extent of the protection they offer. For example, the Basic policy HO-1 only protects you against 11 basic perils that the policy specifically names. On the other hand, the HO-5 (Comprehensive Form) covers almost all perils (unless they are specifically excluded).

There are other policies between the HO-1 and the HO-5. The variety enables you to choose the appropriate level of protection for your needs. For example, you can go for the HO-5 if you feel that your house is exposed to numerous risks and you want peace of mind.


The type of policy you need as a homeowner also differs from the type of policy you need if you are a renter. As a renter, you need the HO-4, which is also called renters insurance. This makes sense because renters and homeowners face different risks in their homes. For example, a homeowner needs money to rebuild their property in case of damage, but a renter is not responsible for rebuilding their house after damage.

Type of Property

Different homes face different risks, so it makes sense that insurance companies have different coverage for them. For example, the risks faced by a vacation home, mobile home, or condominium are home are vastly different. Therefore, owners of these properties require different home insurance policies.

For example, vacation home tends to be empty most of the time, so it faces higher risks of theft and maintenance-related issues that increase the risk of damage. A condo also faces different risks from single-home properties. For example, condos tend to be more secure and well maintained than other homes, and condos also have shared insurance that protects all the common areas.

Age of Property

Lastly, the age of the property also determines the type of coverage you should get. Old and new homes face different risks and cost different amounts to reconstruct after damage. For example, some old homes were constructed in unique styles and with unique materials that are expensive to replicate today. For some of these homes, the reconstruction may even cost more than the value of the home. Such properties have their own coverage in the form of HO-8. For more information on insurance, check out places like Cypress  Insurance.