Global Courant
Homeowners insurance is a type of insurance policy that protects owners from damages and losses caused by hazards such as burglary, fire, lawsuits from visitors who get injured, extreme weather, and so on. Your whole life can change in a minute. What if your house suddenly burns down? Or will a once-in-a-lifetime flood or tornado come along to destroy it? You are protected as long as you are smart about the cost of your home insurance policy and the policy you choose.
If you already have homeowners insurance, it’s a good idea to review your policy each year with your financial advisor to make sure you still have enough coverage to meet your needs. You can always supplement your policy at any time to reflect the changes in your home and property, such as remodeling, renovation, landscaping changes, and so on.
As with any type of insurance, people take the time to shop around and get different quotes from different companies and compare what is included and the prices. When considering home insurance costs, think about the rebuild price rather than the current home value. The materials and construction costs of having your home rebuilt will likely cost much more than what the current value of the home is.
Home insurance costs by policy type
Where should you start with the research? Just understand that there are a number of types of insurance ranging from an HO-1 to HO-8. Most single-family homes find HO-3 ideal, as it’s fairly comprehensive and covers most of the “hazards” they’ll face, such as theft, fire, and wind. However, flood and earthquake coverage is usually not included, so you may want to add it if you think you’ll need it. Even a small creek can become a raging river overnight – don’t underestimate the destruction water is capable of.
Some banks will even require you to purchase flood insurance if you live in the “flood zone” in order to qualify for a home loan.
How much does building insurance cost? It really depends on factors such as the value of the home, where you live, the crime rate, the size of the property, your own credit history, and so on. People in riskier areas will obviously have to pay more. Broadly speaking, homeowners can expect to pay between $30-$40 per month for every $100,000 in home value. Discounts are available for those who take extra precautions such as fire alarms, sprinklers, security cameras, etc.
The best way to get low home insurance costs and discounts can be visited by Lemonade Insurance, where policies start “at $25 a month,” and claims are paid out quickly.
House Insurance Cost: Summary of home insurance policies, coverage, quotes and discounts
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