AVERAGE HOMEOWNERS INSURANCE COST

It is truly said, “Home is where the heart is”. Home is where we rest, spend time with our loved ones and have many memories and emotions attached with it. Also with that, we have a huge investment of money, our one time investment. Thus, securing this symbol of independence and achievement, against natural calamities and man-made conditions, is an extremely important concern. Hence, there is a need for a comprehensive Homeowners Insurance Policy.

Homeowners Insurance, is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one’s home, its contents, loss of use (additional living expenses), or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.

What is covered under Homeowners Insurance?

• Dwelling Coverage – Pays to mend or rebuild your home if damage is the result of a covered loss.

• Personal Property Coverage – Covers damage to personal goods like furniture, clothing electronics etc. covered under the policy.

• Loss of use: If your home is damaged to a degree that you have to temporarily move out while it is being restored, loss of use will help pay your housing and living expenses.

• Other Structures: Covers the cost of mending or rebuilding detached garages, sheds, and other similar structures.

Factors that influence Homeowners Insurance Premium

• Age of your home – The older your home is, higher is the chance that there will be overhead charges like pipe mendings, wiring etc.

• Location – If you live in an area prone to natural disasters, with a relatively high crime rate, or located far from emergency services, expect to pay more for your policy.

• Credit Score – If you have a bad credit score, it will impact the amount of premium you’ll pay because its a risky investment in you for the company

• Deductible: The level of deductible you choose plays a role in the price of your coverage. If you choose a high deductible, that means you have to pay more out of pocket if an incident does occur.

• Coverage Amount: The amount of coverage you select will play a role in the price of your insurance.

Benefits of Home Insurance:

• Complete coverage against financial liabilities arising from the damage/loss of your home and/or its contents due to natural or man-made reasons.

• Thoughtful additional covers including Burglary and Theft Cover, Earthquake Cover, etc. for specialized protection.

• 100% mental peace when there is a solid security to fall back on, especially in these times of social strife and environmental upheavals.

Choosing the Best Homeowners Insurance Company

Before choosing a company, make sure to read their reviews online, check quotes for offers and discounts, check the claim procedures and the policy coverage. Studying such aspects will give you a rough idea to shortlist companies that will meet your home insurance needs. So check quotes and review companies online now.