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

var options = $('#Insurance_type option');

$('input[name="status"]').change(function(){
   $('#Insurance_type option').show();
    $('#Insurance_type option:contains("'+$(this).val()+'")').hide();
    $('#Insurance_type option:first').prop('selected',true);
    
    
});