There are plenty of homeowner policies for Texas residents to choose from, and choosing the right one may be confusing.
Texas insurance companies use national policy forms (HO3) as well as Texas-specific forms (HOA, HOA+, HOB) for home insurance.
HOA (Named Perils) & HOA+
HOA is the most popular, and basic type of Texan homeowner’s insurance. Usually, HOA policies offer cash-value coverage for damaged property under eight specific Named Perils:
- Fire or lightning
- Sudden/ accidental damage from smoke
- Wind/ hailstorm (not wind-driven rain)
- Explosion
- Aircraft/ Vehicles
- Vandalism/ malicious mischief
- Riots/ civil commotion
- Theft
HOA+
HOA+ provides a broader coverage of HOA including
- Falling objects
- Weight of snow/ ice
- Sudden & accidental discharge of water/ steam
- Sudden & accidental damage from water heating system
- Falling trees/ limbs
HO3 (National form Open Peril)
HO3 is a national common policy in the United States, and it provides coverage for homes on an “Open Perils” basis. “Open Perils” policies provide coverage on any type of peril that happens unless specifically excluded from the policy.
HOB (Texas form Open Peril)
The HOB Texas form is similar to the national HO3 policy in that it offers Texas residents covers on an Open Perils basis. The HOB also provides additional coverage for water damage protection, something that the HO3 policy does not include.
Payne Insurance Group
Make sure you and your family are protected with the best insurance!
Payne Insurance Group provides insurance for auto, home, commercial, and much more! Payne Insurance Group has partnered with over 13 businesses across the Rio Grande Valley, As a result, we have created a one-stop-shop for all types of insurance!
