When you are in the market to purchase a new homeowners insurance policy in Texas, you have several different options to consider. HOB insurance is among the most popular type of homeowners insurance available because of how comprehensive the coverage is. If you are looking for coverage for a new home that you are purchasing or if you are thinking about upgrading your existing homeowners insurance coverage, you may consider taking a closer look at what HOB insurance has to offer.
What is HOB Insurance?
An HOB policy, which may also be called an HO3 policy, is a type of hybrid insurance because it includes both open peril and named peril coverages. The type of homeowners insurance policy has open coverage for your structure, and this means that all types of loss events that damage the building itself may be covered by the policy except for those that are specifically excluded. This type of policy also includes named peril coverage for personal property in the home, and this means that the coverage for your personal property is only available for specific types of loss events that are named. Personal property may include clothes, furniture, home décor, lawn maintenance items and more.
A Closer Look at the Coverage
With HOB insurance, specific events that are not covered for the structure of the home include sinking foundations, war, nuclear events, vandalism, power failures and a few other items. With personal property coverage, there are a number of events that are covered by the insurance. These include things like smoke, fire, lightning, wind, hail, civil disturbance, falling objects and more. It is important for you to understand how these two types of coverage work and how the limitations and exclusions may impact you before you purchase the coverage.
As an independent insurance agency, we can provide you with plans from several different insurers, and we are available to answer your questions about the coverage options. Our goal is to help you purchase a homeowners insurance policy that meets your needs and that protects you from financial loss. Our representatives can help you to determine how much coverage you need for both the structural component and the personal property component, and we can set up a deductible that is affordable for you. If you are preparing to purchase a new homeowners insurance policy, simply contact us today to learn more about how HOB insurance can benefit you. We are able to offer the Texas HOB home policy. Contact us today by clicking here.
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