Homeowner insurance puts your most valuable asset back together if something happens. But it does more than just protect your house, it also covers your belongings, protects you if you are liable for an injury to another person, and pays your additional expenses if you need to live elsewhere after a loss.
The big kahuna of homeowner insurance. Dwelling coverage pays for damage to your home itself.
Since you probably don’t have a magic credit card you could use to replace almost all your possessions at once, personal property coverage is there to do the job.
Do you have a have a tool shed or detached garage? Other structures on your property can come along for the ride as well.
If someone says you’re a liability, they’re probably kidding. If they say you’re liable, that might be another story. Liability coverage pays defense costs and damages if you are liable for someone’s injuries or damaged property.
Was a guest injured at your house? Medical Payments are usually enough to cover a trip to the ER.
Is there a breeze coming from the sky now instead of a ceiling fan? Additional Living Expenses pays your temporary stay outside of your house while it is repaired from a covered loss.
Homeowner policies have a list of things that could cause damage to your home or possessions, called “Perils.” The most common ones are covered but you should be aware of the exclusions, in case you need to request a certain item be added by endorsement. For the perils of earthquake, flood or hurricane, you may need to get a second homeowner policy.
Fire and smoke
Windstorms and hail
Vandalism and malicious mischief
Damage from an aircraft, car or vehicle
Weight of ice, snow or sleet
Wear and tear
Insects or pests
Pet or animal
Homeowner insurance is reasonably priced, considering how robust the coverages are. The nationwide average for insurance is $1,211 per year (or about $100 per month).
The costs will be different for you, depending on your situation. One obvious factor in your homeowner insurance cost is the value of your house:
If there is one industry that is competitive, it’s insurance. The cost of your policy really is each insurance company’s best effort because they have to line up against their competitors every day. So you’re not only getting a fair deal—you’re also getting a good one.
The factors used to calculate insurance costs are:
Do yourself a favor and maximize your insurance discounts!
Insurance companies give major discounts for bundling your property because it makes you less likely to switch later on. So don’t get too comfy—you should re-shop your insurance at least every few years.
No two insurance companies are alike, so the easiest way to save is to get multiple quotes and choose the one with the best combination of coverages and price.
Make your home safer and your insurance cheaper at the same time with security features, such as smoke alarms, burglar alarms, and fire extinguishers.
Not too high, not too low. Get your deductibles just right. Small increases in your deductible can make big changes in your insurance, but be careful you don’t overdo it.
Just got... whatever? Major changes in your life, like: moving, having kids, or a marital status change, often impact your insurance. You should consider re- shopping after major life events.
It turns out credit scores aren’t just for getting loans. Insurance discounts are just one more reason to keep building your (financial) house.
Want to learn more about homeowner insurance? Pop the hood and see how it runs!
The nuances of the coverages to your home, belongings, other structures, personal liability, medical payments and additional living expenses are good to know.
Not all causes of loss to your property are created equal (as far as homeowner insurance policies are concerned). Some are covered and some aren’t. Do you need to address any of the exclusions in your policy?
Is your state among the most or least expensive for homeowner insurance? Learn other drivers of your homeowner insurance cost.
Most people are overpaying for insurance by not taking advantage of all the discounts they could. Find out more about saving.
Learn what information you will need to provide to get an insurance quote. Request an effective date several days in advance so you can cancel your current policy on the same day without any lapse in coverage.
Escrow has a funny way of discouraging homeowner from switching insurance. It doesn’t have to be this way! Your mortgage company works for you, and they’re experts in swapping escrow payees.
You have a daily driver, too. Learn more about the ins and outs of standard auto insurance, and how it is similar to classic/collector insurance.
Learn how the liability and uninsured motorist coverages are the same but your vehicle’s value in collision and comprehensive coverages is different. Classic/collector vehicle insurance also gives you some bells and whistles you’ll appreciate.
Ever wonder what you would do if you become liable for more than your homeowner or auto insurance limits will cover? Umbrella insurance is an inexpensive product that drastically increases your liability protection, and gives you a few coverages you won’t get anywhere else.
Input your search keywords and press Enter.