Benefits Of HO-B Policy

The benefits of HO-B policy are as follows:

• The HO-B policy provides coverage for replacement for almost all kinds of damages making it a favorite for more than 90% of Texas Residents.
• For example if a family owns a house of value 250,000$ which is more than ten years old. If you subtract the cost of land value of around 50,000$ then you will be left with 200,000$ which is the amount that the policy would pay the family if the house is damaged .You must make sure that you insure your house for the replacement value that is accurate.
• HO-B covers damages caused due to building collapse, damage caused due to trees falling on your property, damage due to weight of snow fall and excessive water seepage .

Contents of a standard HO-B form

The standard HO-B form of Texas Department of insurance has the following coverages:

Damage caused due to water

The HO-B policy covers damages caused due to sudden or continuous leakage due to plumbing, damage due to air conditioning and heating. Coverage for structures and dwelling due to leakage through roof, doors and windows. Coverage for freezing pipes and repairing drains.

Damage due to floods is NOT covered under HO-B policy. For this you will have to contact the National flood insurance program (NIP) or FEMA, where you can get insurance for flood damage.

Damage due to mold

HO-B policy gives coverage to damaged property due to accidental seepage of water only. The damage has to report within 30 days .This also includes damage due to micro organism and fungi.

The other damages covered by HO-B are damage due to animals, collapse, excluding earthquakes, vehicles and snow.

A HO-B policy has a wide coverage. By taking this pol icy you can ensure the safety of your house by insuring it with HO-B policy.