Homeowner’s insurance is an important part of homeownership. Whether you have a mortgage or you’re all paid off, ensuring that you won’t be entirely financially responsible when the worst happens will allow you some peace of mind when going about your day to day life. Like with anything, knowing how much you’re going to have to spend on homeowners insurance is an important piece of information. So, in general, how much does homeowners insurance cost? There are a lot of factors that go into determining this, so let’s take a look.
What Does Homeowners Insurance Cover?
Homeowner’s insurance covers you financially if specific perils happen. This usually includes structural damage to your home, damage to your belongings, and liability coverage. Perils that are usually covered by basic homeowner’s insurance include fire, theft, windstorm, hail, lightning, smoke, and more. All of the covered perils will be outlined in your policy.
A standard policy typically won’t cover things like flood, earthquake, war, intentional damage, normal wear, and tear, or damage caused by pests. You can usually get additional coverage for things like floods and earthquakes, but never for things like intentional damage, normal wear, and tear, or pest damage. Intentional damage is never covered in any degree, but you can get a home warranty for normal wear and tear to systems and appliances, and most pest control companies offer service contacts so you can be sure you’re doing all of the possible preventative measures.
So How Much Does it Cost?
The cost of homeowners insurance can vary. It depends highly on the side of your home, the value of your home, how much coverage you need, what state you live in, and any coverage you need that isn’t considered basic coverage. It’s most often recommended to get enough insurance to rebuild your house if it gets demolished by a covered peril.
All of that being said, on average you can expect for it to cost somewhere around $101 for basic homeowners insurance. Again, this number can vary wildly depending on a long list of factors, and the only way to be completely sure of how much you’ll be spending or what the best deal is to get quotes for homeowners insurance in your area.
How to Get Homeowners Insurance Quotes
Getting quotes for homeowners insurance is an easy process, but shopping around can be time-consuming. All you have to do is find insurance companies that work in your area, most commonly by using a web search or phone book and follow their steps to get a quote. Because of the internet, many, many companies allow you to get a quote online but if you do get a lot of quotes online be prepared for a lot of calls from insurance companies that want your business.
Once you’ve collected all of your quotes it’s considered best practice to do research into the companies that you’re the most likely to go with to make sure that they’re a good company. Customer satisfaction is important, no one wants to deal with bad customer support after something terrible happens to their home.
Using Homeowners Insurance to Protect Your Home
Life, as we all know, is a wildly unpredictable place. Anything can happen at any moment, and sometimes that means the worst. By having a good homeowners insurance policy you can ensure that you aren’t caught unprepared when disaster strikes. Homeowner’s insurance policy pricing varies a lot depending on a long list of factors, but it’s still possible to find good coverage in your price range so you can be sure that your home is protected.