Home Insurance

Home insurance, also known as homeowner's insurance, is a type of insurance that covers a person against losses and damages to their residence, as well as belongings and other assets within the home.

What Is Home Insurance?

Home insurance is a property insurance that covers losses and damages to an individual’s residence, furnishings, belongings and other assets in the home.

Home insurance also provides liability coverage against accidents, injuries and property damages to others while they’re in your home or on the property.

Mortgage companies require borrowers to have home or condo owner’s insurance, and landlords will often request their tenant to get renter’ insurance coverage.

What Are the Different Types of Home Insurance?

Whether you own or rent a home, leave in a condo or a house, there’s a home insurance for you.

Homeowners insurance

Protects homeowners from damage or loss to their property and assets. It also provides liability coverage for claims or lawsuits from others for injuries or property damages while on your property

Condo insurance

Protects condo owners from damage or loss to their individual unit, as well as liability coverage. It usually requires less coverage as condo associations cover high-cost items like common areas and the exterior of the building

Rental property insurance

Rental property insurance is like homeowners and condo insurance, except it has much lower personal property limits: your tenants will have their own insurance for their belongings.

Renters insurance

You are renting an apartment, home, or condo: you need coverage for your personal property and liability but are not liable for the building.

Learn more about the different types of home insurance.

How Much Does Home Insurance Cost?

The average home insurance policy costs $2,305 per year in the United States. However, insurance rates vary based on different factors such as the location of you home, its age and condition and its estimated value.

What Factors Influence Home Insurance Premiums?

Home location

Where your home is located will affect your premiums: in California, the average homeowner premium is $1,974 per year, but the average homeowner policy is $1,049 per year in Wisconsin.

Coverage amount

Insurance rates are tied to the amount of coverage in your policy. The better the protection, the higher the insurance premiums will be. Add-on insurance might also be required in some states and will come extra.

Claim History

The more claims you’ve filed, the higher the perceived risk to insurers. If your home has a history of damages and loss, your insurance premiums will probably be higher.

Age and condition

Your home’s age and condition, whether it’s been renovated recently, and the material used is important: insuring a new home, fitted with upscale appliances or smart devices is much more expensive.

Your Credit Score

Homeowners with poor credit usually pay higher premium amounts as studies show that they are more likely to file insurance claims.

Other Factors

If you have a pool or a trampoline or wood-burning stoves; if you leave close to the coastline; how far you are from the fire station; many other factors will affect your home insurance premiums.

Learn more about the cost of home insurance.

How Can I Choose the Best Home Insurance Company?

While everyone loves a discount, price is not the only factor in choosing a home insurance company. If you want a relationship with your insurance agent, it might be best to pick somewhere with a physical office. Tech-savvy people might enjoy a seamless app process for claims. It is crucial to determine what is best for you.

What you should ask yourself

  • Do you need help to understand your coverage?

  • Do you want to be able to talk to someone to pay your insurance premium bill?

  • How long, on average, does it take to get support in case of emergency?

  • What is the usual home insurance claim process?

  • How long does it take for the insurance company to process your claim?

  • How automated do you want your service?

  • Are you willing to pay more for better, faster service?

  • Do you qualify for special discounts or policies, such as a military affiliation?

One company does not fit all, and a review of your needs and wants may be in order so you can feel completely satisfied with your home insurance. Be sure to check out all your options, not just for rates, but for yourself, too! Find the best homeowners insurance company for you

How Do I Buy Home Insurance?

Buying home insurance doesn’t have to be difficult. 

How to buy home insurance, step by step:
1. Gather up all your information
You will need detailed information about your home (location, condition, remodeling & appliances, any special fixture), as well as your living situation.
2. Choose your coverage
Do some research and think about what you absolutely need from your home insurance and what would be nice to have. You should have enough coverage to replace your home.
3. Compare quotes online
Compare quotes and fill out an application. Remember to look beyond the price, and check reviews for the selected companies.
4. Select your policy
Choose the right company for your need, decide you coverage amount and fill out an application.
5. Complete the inspection
Once you’ve made your choice, your insurance company will send an inspector to check your house and make sure everything is in order.
6. You’re insured!
Finalize your document and store your insurance details and emergency numbers in a safe place!

You’d rather talk to an agent to better understand your options? Or maybe you already know what you are looking for? Find an agent near you.