Home Insurance

What is Home Insurance?

Home insurance, also commonly called homeowner's 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 by homeowners insurance?

Typical homeowners insurance policies offer coverage for damage caused by fires, lightning strikes, windstorms and hail. However, damage caused by earthquakes and floods are not typically covered by homeowners insurance.

What is the basic home insurance coverage?

An HO-1 homeowner's insurance policy provides the most basic coverage. It typically covers damage caused by about 10 different events, including fire, lightning, windstorms, hail and explosions.

How much is homeowners insurance calculator?

Estimates. According to the Federal Reserve Bureau, the average cost of an annual premium for homeowners insurance is between $300 and $1,000. For most homeowners, the annual costs for a homeowners insurance policy can be estimated by dividing the value of the home by 1,000, then multiplying the result by $3.50.

How much is home insurance for a condo?

Condo insurance costs vary. The cost of condo insurance, on average, ranges from $100 to $400 per year, depending on the value of your personal property and the type and amount of coverage you carry.

What factors affect your homeowners insurance?

Here are 10 factors (not in any particular order) that can make a homeowner's property a greater risk to insure.

Pets
Bad credit score
Location, location, location
Trampolines
Swimming pools
Fire concerns
Poor maintenance
Weather preparations
Claim frequency
Neighborhood crime

What is a homeowner's policy?

Homeowners insurance is designed to protect your home from what are called “perils.” A peril is your exposure to risk or something that causes loss or destruction. As a homeowner, you can typically purchase three different types of home insurance policies.