Insurance For Different Home Types: Which Category Are You?

Did you know that the type of house you live in can affect your home insurance rates? It’s true. Home insurance rates in Greeley, CO, can vary wildly depending on what kind of home you own. Here’s a breakdown:

  • Single-family homes: These homes are the most common and usually require an HO-3 policy. But it’s important to note that the actual insurance rate for this type of home will depend on factors like your home’s size, location, construction type, and age.
  • Older or historic homes: Older homes are required to have an HO-8 policy. Since they’re not built to meet current building codes and because rebuilding or repairing them costs more, they’re often more expensive to insure.
  • Condos: Condos typically need an HO-6 insurance policy. This type of policy provides coverage for the interior of the unit and the personal property it holds inside. The condo association usually has a policy that covers common areas and the exterior of the building.
  • Manufactured or mobile homes: Mobile homes require an HO-7 policy. These types of homes are more vulnerable to weather and fire damage, so their insurance rates are higher.
  • Renters: Renters need an HO-4 insurance policy. This policy provides coverage for personal property and liability, but it doesn’t cover the physical building. That is the landlord’s responsibility.

The type of home insurance you get will depend on the type of home you own and your specific wants and needs. Each policy offers different coverage levels, so its price differs from the other. At Maanen Insurance Group, it’s essential to understand what each policy covers and choose the one that best fits your needs.