Introduction: Could the Wrong Policy Cost You Thousands?
When a hailstorm pounds through Roanoke, would your homeowners insurance cover every repair—or leave you paying a hefty bill yourself? What about if a guest is injured in your backyard, a pipe bursts during a freeze, or lightning fries your electronics—are you confident your current policy would respond?
This guide breaks down the eight types of homeowners insurance, shows which matter most in Roanoke, and explains how to choose protection that truly safeguards your home and finances. You’ll see:
- Why insurance matters so much in our weather-prone city
- What each HO policy includes—and what it leaves out
- Texas-specific coverage factors you can’t overlook
- How to match the right policy to your needs and budget
Why Homeowners Insurance Matters in Roanoke
Last year alone, Roanoke saw 32 hail events and 35 severe weather warnings. With a median home value of $454,500, protecting your property isn’t just smart—it’s essential. Lender-required coverage mainly protects the bank’s investment, not your family’s full financial picture. Without the right policy, you could face massive gaps in coverage for personal property, liability, or foundation issues.
The Eight Types of Homeowners Insurance Policies
Before looking at each type:
- Named-perils policies (e.g., HO-1, HO-2) only cover listed risks.
- All-perils policies (e.g., HO-3, HO-5) cover everything except stated exclusions.
- All include some mix of dwelling, other structures, personal property, loss of use, and liability coverage.
HO-1: Basic Form – The Bare Minimum
Covers only 10 perils and excludes common risks like water damage and falling trees. Cheap on paper, costly in reality.
HO-2: Broad Form – A Step Up
Adds protections like falling object and frozen pipe coverage. Better than HO-1 but still leaves key gaps.
HO-3: Special Form – The Gold Standard
All-perils coverage for the home itself, highly adaptable, and the most popular choice in Roanoke.
HO-4: Renters Insurance
Affordable coverage for belongings, liability, and temporary housing costs. A must-have for renters.
HO-5: Comprehensive Form – Premium Protection
All-perils for both home and belongings, higher limits, and better protection for high-value items.
HO-6: Condo Insurance
Fills the gaps between your HOA’s master policy and your unit’s interior finishes, upgrades, and personal property.
HO-7: Mobile Home Insurance
Specialized coverage for manufactured and modular homes, accounting for their unique risks.
HO-8: Modified Coverage
For older or historic homes where replacement cost far exceeds market value.
Texas-Specific Considerations
- Separate wind/hail deductibles (1–5% of dwelling coverage) are common.
- Foundation damage from soil movement is typically excluded unless caused by a covered peril.
- Mold coverage is limited unless purchased as an add-on.
- Flood coverage is always separate.
- Texas law enforces prompt claim payments.
Roanoke’s Unique Risk Profile
Biggest threats:
- Hail – Frequent, costly, and often severe.
- High winds – Can exceed 100 mph, damaging roofs and trees.
- Tornadoes – Less frequent but potentially catastrophic.
- Lightning – Fires and power surges are common after strikes.
Clay soil adds foundation risks, while pools and play equipment increase liability needs.
Choosing the Right Policy
- Assess your property – Value, age, construction, special features.
- Calculate coverage needs – Replacement cost, belongings inventory, liability protection.
- Select policy type – HO-3 for most, HO-5 for high-value homes, HO-4 for renters, HO-6 for condos.
- Set deductibles – Balance monthly savings with what you can afford out-of-pocket.
- Compare carriers – Look beyond price to claims service and financial stability.
Cost Factors & Ways to Save
Influences on premiums: weather risk, home type, safety features, deductibles, and claims history.
Smart ways to lower costs without cutting protection:
- Higher deductibles you can comfortably afford
- Impact-resistant roofing
- Bundling with auto insurance
- Home security and fire safety upgrades
- Good credit and avoiding small claims
Why Work with Neill Insurance
We know Roanoke’s weather patterns, soil issues, and property values because we live here. That local knowledge means we can match you with coverage that fits—not just the cheapest option. With access to multiple carriers, we find the right balance of price and protection, and we’ll be in your corner if you ever have to file a claim.
Conclusion
You now know what each homeowners policy offers, which fit best in Roanoke, and the Texas-specific rules that can make or break your coverage. In a place where severe weather isn’t a matter of if but when, the wrong policy could cost you tens of thousands.
Review your current coverage, get an accurate rebuild cost, and compare your options before the next storm season. At Neill Insurance, we help Roanoke families protect their homes and their futures—so when the weather turns, you can focus on safety, not financial survival.
