---
title: "Homeowners insurance — What It Means | Ondo RE"
canonical: https://www.ondorealestate.com/glossary/homeowners-insurance/
---

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Closing, title & notary[All terms starting with H](/glossary/#letter-H)

# Homeowners insurance

Also called: hazard insurance, ho-3, ho-6

Property and liability coverage a lender requires, typically paid a year in advance at closing then escrowed.

Lenders require coverage protecting the structure at least to the replacement cost of the improvements. A standard homeowners policy covers a detached house; a condo unit uses a different form that coordinates with the association’s master policy.

The first year is generally paid at closing as a prepaid item, with subsequent premiums collected monthly through escrow.

## Put a number on it

This term feeds the calculators below.

- [Monthly Cost of Living CalculatorEstimate your monthly living expenses, housing costs, transportation, utilities, food, insurance, and more with Ondo’s interactive cost of living calculator.](/calculators/cost-of-living/)
- [Mortgage Payment CalculatorEstimate monthly mortgage payments with taxes, insurance, and PMI.](/calculators/mortgage-payment/)

## Related terms

- [PrepaidsMoney collected at closing to fund your own future taxes and insurance, plus interest from closing to month end.](/glossary/prepaids/)
- [Escrow account (impounds)An account your servicer uses to collect and pay your property taxes and homeowners insurance alongside the mortgage payment.](/glossary/escrow-account/)
- [PITIPrincipal, Interest, Taxes and Insurance, the four parts of a typical monthly mortgage payment.](/glossary/piti/)
- [HOA (Homeowners Association)An association governing a community, collecting dues and enforcing rules that can include rental restrictions.](/glossary/hoa/)
- [Renters insuranceA tenant’s policy covering personal belongings and liability, which a landlord’s policy does not cover.](/glossary/renters-insurance/)

## Go deeper

- [Hazard vs HO-3 vs HO-6 condo insurance](/blog/hazard-vs-ho3-vs-ho6-condo-insurance/)

## More in Closing, title & notary

- [Acknowledgment](/glossary/notary-acknowledgment/)
- [Apostille](/glossary/apostille/)
- [Condominium](/glossary/condo/)
- [Deed](/glossary/deed/)
- [Escrow officer (settlement agent)](/glossary/escrow-officer/)
- [Jurat](/glossary/jurat/)

## Have a question about your own situation?

Ondo handles brokerage, lending, property management and notary under one roof, so the answer does not change depending on who you ask.

[Talk to Ondo](/contact/)[Browse all terms](/glossary/)