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Buying a home is about more than simply finding a realtor, making an offer and finding a lender. Not only do you want to make sure that you select the right home, but you also want to make sure that you have the right insurance policy coverage to protect you in case something happens. Having homeowners insurance is an important part of purchasing a home or in making a real estate investment.  

With most lenders, it is required that you own some kind of homeowners insurance. This is because the property or home that you will own is also theirs. Most homeowners insurance is chosen during the final closing of your home in order to protect all of your assets as well as pieces of property that belong in the home. If you have items that are especially high in value – such as art pieces or rare items – you may also wish to have a separate policy to cover those objects. By finding the right homeowners insurance, you will be protected against any accident or natural disaster that may happen.  

Homeowners insurance is divided into a variety of categories, all which covers different situations. The best way to decide on homeowners insurance is to first factor in how much you own and the value of the home. You will want to make sure that you are able to cover as much as possible and are able to be compensated for everything that may be lost, damaged or stolen. Another factor to consider with homeowners insurance is the type of coverage that is offered. Some companies will have different categories according to the types of things that you own. 

There are eight common types of homeowners insurance so you can find the best policy for your needs.

  • HO-1 Coverage: The most basic type of coverage on the market 
  • HO-2 Coverage: This coverage is considered more comprehensive, but the insurance only kicks in if the damage is due to one of the events named in your policy
  • HO-3 Coverage: The policy covers both the main structure as well as outlying buildings on the property.
  • HO-4 Coverage: This coverage is geared towards renters instead of homeowners.
  • HO-5 Coverage: The most comprehensive homeowners insurance out there
  • HO-6 Coverage: Coverage for condo owners. 
  • HO-7 Coverage: Coverage for mobile homes.
  • HO-8 Coverage: HO-8 insurance is designed to protect older homes.

After you have assessed the value of everything, you will also want to add in what you want covered and which category of insurance this will put you into. Homeowners insurance is one of the ways that you can ensure that your real estate and property investments stay covered. If anything happens, you will want to be assured that you have lost little to nothing in the process.

Another way to protect your property as you are moving to your new home is by hiring our storage and delivery service Los Angeles. We have full service moving in Los Angeles that is among the best in the area.