What Is Homeowners Insurance (HO3)?
Homeowners insurance protects your home and your belongings. An HO3 home insurance policy covers:
- Your dwelling (Coverage A)
- Your garage, fences, and sheds (Coverage B)
- Your belongings (Coverage C)
- Loss of use (Coverage D)
- Your personal liability (Coverage E)
- Visitor medical expenses (Coverage F)
In exchange for your premium (the price of your policy), your insurance provider pays for certain damages, sparing you from a large bill when disaster strikes.
Let’s see how home insurance works in more detail. If you have a condo, skip over here to learn about our condo insurance.
What Does Home Insurance Cover?
The dwelling coverage, personal property coverage, and other structures coverage in your homeowners policy can typically cover damage to your home, belongings, and garage / shed / driveway caused by:
- Fire/smoke damage
- Hurricanes
- Hail
- Lightning
- Theft
- Water damage from burst pipes and appliance flooding
When one of these events damages your home, property, or insured structured, your homeowners policy from Kin can pay for their replacement cost. Replacement cost coverage offers the amount it costs to repair your home or replace belongings with the same or similar quality materials or items. This kind of payout gives you greater flexibility when getting your life back in order following a disaster.
The loss of use portion of your policy can cover additional living expenses when a covered event makes your home uninhabitable. This may cover the cost of:
- Your hotel stay
- Food
- Laundry
- Transportation
It typically doesn’t cover mortgages, rental income, or expenses to meet your standard cost of living.
The liability coverage in your home insurance can cover repairs and legal expenses when:
- You accidentally damage someone else’s property
- Someone is accidentally injured on your property
- You accidentally injure someone at another location
Finally, the medical expenses coverage in your HO3 policy can cover an injured visitor’s immediate medical expenses in the hopes of preventing a lawsuit down the road.
What Does Homeowners Insurance Not Cover?
Homeowners insurance policies typically don’t cover damage or loss caused by:
- Earthquakes
- Flooding
- General wear and tear
- Negligence (or lack of regular and proper maintenance)
- Business liability
To get coverage for flood damage to your home caused by storm surges, you’ll need flood insurance.
How Much Is a Home Insurance Deductible?
At Kin, the following standard deductibles are available:
- $500
- $1,000
- $2,500
- $5,000
- $10,000+
A deductible is the flat dollar amount you pay toward a claim before your insurance benefits kick in to cover the rest. Typically, the higher your deductible, the lower your premium.
Keep in mind this deductible applies to most incidents, like damage caused by fire, theft, or vandalism. However, if you need to make a claim because hurricane winds damaged your home, your hurricane deductible will apply.
How Much Does Home Insurance Cost?
Though the national average cost of homeowners insurance is currently $1,083, your home insurance premium depends on a number of variables, including:
- The age, condition, and construction of your home
- Your home’s wind mitigation systems
- The location of your home
- The amount of coverage you choose
- The deductible you choose
- Your insurance-based credit score
- Your claims history
Find out how much home insurance costs in Florida and Texas.
For city-specific details, check out home insurance costs for:
But the easiest way to discover the cost of homeowners insurance? Simply get a quote. Here’s how the process works when you apply for coverage from Kin.
Understanding Your Home Insurance Quote
Once you enter your address on our site, you’ll get a home insurance quote. The overview screen will display your coverage options.
You can adjust your coverage amounts in real time and see how the changes impact your policy price.
Our home insurance quote shows you:
- Coverage for your home. Your quote displays coverage for replacing your home (i.e., your dwelling coverage) and other structures (e.g. shed, garage, or guest home).
- Personal liability and personal property. Choose the amount of coverage for your personal liability coverage and your belongings like your furniture, electronics, jewelry, and clothing.
- Standard and hurricane deductibles. In coastal areas, homeowners will have both a standard deductible (a flat dollar amount) and a hurricane deductible (a percentage of your dwelling coverage – from 2 to 10 percent).
- Estimated annual premium. This is the estimated yearly amount you’ll pay for coverage from Kin based on your home’s characteristics and your coverage selections.
Whether you’re a first-time homebuyer or are in the process of moving into another home, our approach to insurance can help you get covered quickly and save money on your insurance.
Enter your address here to get a quote today. We currently only offer insurance in Florida and Texas, but we're expanding quickly!