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How to Find the Best Homeowners Insurance for You

Monday, December 6, 2021

5.64 million homes were sold last year, showing that the real estate market is still alive and well. Whether you're a first-time homebuyer or an existing one looking to relocate, it's important to be prepared for the homebuying process. 

One essential component of a home purchase is a homeowners insurance policy. A home is a large purchase and one that needs to be protected. Choosing the best homeowners insurance policy is vital to protecting your home. 

This guide will discuss everything you need to know about finding the best policy for you. 

What Does Homeowners Insurance Cover?

Homeowners insurance is comprised of various types of coverage that might help cover the costs to replace or repair your home. This also applies to the belongings inside of your home as well, if they're damaged by theft or fire. Your policy might also cover the cost of damages to another person's property. 

The four areas that are typically covered in homeowners insurance are:

  • Additional buildings on your property 
  • Your home
  • Liability for damage or injuries to another person's property
  • Personal property 

You can purchase add-on coverage that will provide you with additional protection. The average insurance policy covers natural disasters such as windstorms, fire, hail, and lightning strikes. 

However, flood and earthquake damages aren't covered by homeowners insurance. You'll need to purchase separate policies to protect your belongings and home against those types of natural disasters. 

What Does Homeowners Insurance Cost?

The cost of your policy depends on a variety of factors. Those factors include:

  • The value of your belongings
  • Your home's features
  • The amount of coverage you select
  • Increased coverage limits

qualified agent will help you select the type of policy that best suits your needs. 

How Do I Pick the Best Policy?

There might be countless homeowners insurance companies to choose from in your area. There are a few things to take into consideration when selecting a policy. 

First, understand what your needs are. Do you live in an area where natural disasters, like hurricanes, are common? Understanding what you need from your policy is the first step to picking the best company for you. 

Next, think about what matters most to you. Would you be more comfortable working with a local agent that's familiar with your area? Look at third-party reviews to help determine what company is a good fit. 

You'll also want to shop around at different companies. Request quotes from all of them to compare coverage and costs. You should get at least three quotes. 

Once you select an insurance policy, you'll want to review it every so often. As life changes, your insurance should change with it. Anytime you experience a life event, talk with your agent to evaluate your current needs. 

Do Your Research When Selecting Homeowners Insurance

Purchasing a homeowners insurance policy is an essential part of the homebuying process. Knowing what the average policy covers and how you can customize it to your needs are important. You want your belongings and structure protected at all times. 

Contact our office for help with homeowners and title insurance when purchasing a home. 

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