JSFiddle - React, Tailwind, and code Playground

HTML

<input type="radio" class="status" name="status" checked="checked"   value="New" />New
<input type="radio" class="status" name="status"  value="Used" />Used

<select id="Insurance_type">
    <option>Home Used Insurance1</option>
    <option>Home New Insurance1</option>
    <option>Home Used Insurance2</option>
    <option>Home New Insurance2</option>
    
</select>

JavaScript

$('.status').change(function() {
    var v = $('.status:checked').val();
    $('#Insurance_type option').hide(); // first hide all
    $('#Insurance_type option:contains("' + v + '")').show(); // Show only those that contain value
    $('#Insurance_type option:visible:first').attr('selected', true); // myst select a non-hidden value!
});