What does HOI mean in MORTGAGE

HOI typically covers the dwelling (house), other structures on your property, personal property (e.g., furniture, clothing, etc.), living expenses in case you cannot live in your home due to a covered loss, and liability coverage for accidents that take place on your premises.

Flooding is usually not covered under a standard HOI policy. You will need to purchase flood insurance separately if you want to be protected from flooding events.

Earthquake coverage is usually not included in a standard HOI policy; however, most insurers offer earthquake coverage as an optional add-on or endorsement.

The cost of HOI varies depending on the size of your home, what kind of coverage you choose, and your location. Generally speaking, the larger and more expensive your home is the higher the premium will be. Other factors such as crime rates and the age of your home can also affect how much you pay for HOI.

The cost of HOI varies depending on the size of your home, what kind of coverage you choose, and your location. Generally speaking, the larger and more expensive your home is the higher the premium will be. Other factors such as crime rates and the age of your home can also affect how much you pay for HOI.

If you rent your home then it's typically the responsibility of your landlord or rental company to insure the building itself. However, they do not provide coverage for any personal property or liability claims related to accidents that happen in your rental unit; this means that renters should consider purchasing renter's insurance to cover their belongings and financial liabilities in case something goes wrong inside the rental unit itself.