Home insurance is a topic that often gets overlooked when home buyers are getting ready to purchase their home. This article explains the importance of homeowners’ insurance and why you need it when buying a home.
Why you need home insurance.
Buying a home is an exciting time in most peoples’ lives, but it also comes with some added responsibility such as making sure you have homeowners’ insurance in place before purchasing your new property. Your home may not be perfect, but it’s what you call “home” and protecting this investment should be priority one.
What is home insurance and why do you need it?
Homeowners insurance is a type of hazard insurance that will protect your home and the belongings inside it, if they are damaged or destroyed by an unexpected event such as fire, lightning, hailstorm, or wind. Even though you can’t control these events from happening to your home, there’s nothing stopping them from affecting everyone else in the neighborhood either!
How home insurance works.
It’s important to shop around for homeowners’ insurance quotes because each home insurer determines their own rates based on the type of coverage you are looking for and your home location. You can find a variety of online providers who will work with you to help determine what types of coverage would be best suited for your home and home insurance needs.
The importance of buying a policy while buying a new home.
There’s no home without insurance and while it doesn’t matter when you get insurance, having a policy in place before signing on the dotted line for your new home is key. This will ensure you are covered should anything happen to your home during the purchase process. Otherwise, if something does go wrong with your home, like an unexpected home repair, you may have to delay your home closing date while searching for homeowners’ insurance that will cover the necessary home repairs.
How much does the average homeowner spend on their yearly premiums, and what are some factors that influence this cost.
The average home insurance cost in the United States is around $800 per year (Florida the average premium is $2,000 per year) and it’s important to remember this doesn’t include your deductible. The amount you pay for homeowners’ insurance each month will depend on several factors such as how old your home is, what type of construction materials were used during its build and even where you live.
What home insurance doesn’t cover.
There are some things home insurers won’t typically cover such as floods, earthquakes, and landslides due to the risk associated with these events happening. However, most home insurer will have a special rider attached to your policy that can be purchased separately to help protect you from damage related to these types of home hazards.
Tips for saving money when purchasing homeowners insurance.
There are many ways to save money when shopping homeowners’ insurance quotes, including bundling your home and auto insurance together or even taking advantage of a home security system. If you have any other questions about insurance policies, feel free to contact us today for help!
If you want to discuss options for home insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Rob Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953.