Homeowners Insurance
All You Need To Know

Everything You Need To Know About Home Insurance

Building or buying a house, and makig it a space for your family to live in requires a lot of time, effort, and money. That is why this investment of yours requires a proper financial security.
Understand the basics of homeowners policy with tips and tricks and some insights to make the best decision to find your homeowner’s insurance agent. 

Why is Home Insurance Important?

Homeowners insurance is a type of private property insurance that covers the infrastructure and the amenities of an individual’s residence. The policy provides coverage for events such as accidents, damages, robberies, natural disasters, and other various forms of liabilities.

Although it’s always a good idea to get it, homeowners insurance (also known as HO3 policy) is not mandatory if you buy a home outright. But, if you’re like the vast majority of people, you’ll need a home loan to buy your house, and the lender will require you to have homeowners insurance. And there are no policies you can substitute for it.

How Much Does Home Insurance Cost?

Since every insurance company has its pricing system, rates vary widely amongst them.

But as per a survey by Forbes, the average annual cost of homeowners insurance is $1,854. This applies to a homeowners insurance plan with a $300,000 dwelling coverage deductible and a $100,000 liability deductible. 

Some states with the most affordable homeowners insurance rates are:

Hawaii: $558
Utah: $817

Oregon: $834
Vermont: $944
New Hampshire: $961

Your average home insurance cost can always be made budget-friendly. Having a good policy that covers your home doesn’t mean you need to pay more than your budget allows you to!

Frequently Asked Questions

What is home insurance?

Home insurance protects the infrastructure of your home and the belongings contained inside of it. When you get this insurance, you’ll get coverage for unexpected and accidental damage that can put your house and personal belongings at risk simultaneously. 

What does a standard home insurance policy cover?

A standard home insurance policy protects your house against accidental damage, theft, vandalism, fire, and extreme weather damage such as wind, hail, storm, and fire. 

What are some of the exceptions to standard home insurance?

Your standard home insurance policy does not provide coverage for damage caused by natural disasters such as floods, earthquakes, and hurricanes. It is not provided by the standard policy. The same goes for pets, cars, and houses used as commercial properties. You can contact your agent to get add-ons to your insurance policy if you require coverage for them. 

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Home Insurance Checklist

While buying a home insurance there are many things to keep note of. Having a homeowners insurance checklist to help you keep track of these can be quite beneficial. It can include the following:

  • Location of the house
  • Age of the house
  • Safety devices installed 
  • Risk of earthquake and flood

Click Here For The Entire Checklist

What Are Some Exclusions For Your Home Insurance?

Depending on the geographical location, some weather-relevant events are excluded from home insurance. Insurers usually do this because of how susceptible an area is to these events.
Thus, it’s expensive to add these into a standard policy. For example, properties in close proximity to the ocean are susceptible to hurricanes and tropical storms.

These exclusions are not part of the policy from the get-go but you can add them as per your need and still have the relevant coverage. The exclusions are:

    • Flood
    • Earthquake
    • Natural wear and tear
    • Smog
    • Mold and fungus
    • Nuclear hazard
    • Neglect & intentional loss
    • Government actions
    • Rodent, vermin, and insect infestation
    • Acts of War
    • Power failure
    • Mechanical Breakdown

    Learn About Potential Exclusions & More

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