Finding homeowners insurance that suits your needs and is low in cost is a balancing act. Where to get it and what it covers are essential things to know in order to obtain the correct insurance policy for your home.
This balancing act has a master and that is your trusted independent insurance agent. They are licensed and knowledgeable in all things insurance. They know the area and can get you the best coverage for the lowest price because they have options.
What Is Homeowners Insurance?
First things first, you need to understand what homeowners insurance is. Homeowners insurance is protection for your home that will insure covered losses or claims as well as other things like personal property coverage and liability coverage. Breaking down the coverages so you know what each one stands for is only beneficial.
Homeowners coverage basics:
- Personal liability coverage: This coverage provides financial protection for you and your family for claims that are your fault due to bodily injury or property damage to a third party.
- Personal property coverage: This coverage provides replacement and finances for your belongings such as furniture or clothing that may get damaged from a covered peril.
- Dwelling coverage: This coverage will provide financial protection for your biggest asset, your home. If your home gets demolished from a covered peril, then your dwelling amount would step in.
- Other structures coverage: Think detached garages, she sheds, pole barns, and more. Any structure that is not permanently attached to your main dwelling will have insurance up to the coverage limit listed on the policy.
- Named perils: These are just like they sound, named perils that your policy will respond to in the event of a claim. Named perils are typically on an HO-1 and HO-2 policy form discussed below.
- Excluded perils: Again, just like it sounds, excluded perils are perils that are listed as excluded from coverage on your policy. This applies mainly to HO-3s, HO-4s, HO-5s, HO-6s, HO-7s and HO-8s. If these policy forms do not have the peril listed as an exclusion, then it's likely covered.
Homeownership in the United States
Homeownership in the United States is high. Over 60% of Americans in a recent study from 2012 to 2019 were homeowners. That's a pretty big statistic and one that should not be ignored. Insuring your home properly will help you keep that ownership title and make sure you aren't at risk for losing your home in the event a disaster wipes it out.
Homeownership rate in the United States from 1st quarter 2012 to 3rd quarter 2019
Homeowners Insurance Near You
Finding the best insurance policy to suit your needs can be a challenging task if you go at it alone. However, if you have a trusted advisor in your corner doing the heavy lifting for you, the pot just got a whole lot sweeter. Working with a local independent insurance agent who knows your area and how much insurance is running in that specific territory is a good place to start.
A local independent insurance agent will know the lay of the land and have access to multiple insurance carriers, making sure you are getting all the coverage you need for the price you want. Most of the time your local agent is a community leader, heavily involved in the lives of those around him, maybe a part of the local chamber of commerce, and more. The point is, they understand your insurance needs from a local perspective and that's always nice to have.
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The Cost of Homeowners Insurance
Everything comes down to cost, doesn't it? The Cost of Home Insurance is no different, even though you know you need the coverage you still have to be able to afford it. Insurance is like your credit score, it's specific and completely personalized to you. While you may have the same house as your neighbor next door, you're still a different person who may have a different claims history, different insurance score, and different risk factors other than just the structure that you reside in.
It would be nice to have a set amount that everyone pays no matter the person, but that's not how it works. Your insurance company has to account for your "what-ifs" and that's just how the cookie crumbles, so best to not compare to others around you.
- Age of home
- Size of home
- Area of home
- Your claims history
- Residents in the home
- Your insurance score (similar to a credit score but for your insurance policies and specific to you)
- Number of acres you occupy
- Whether or not you have a home-based business
- If you bundle your home, auto, and umbrella policies
Finding an Independent Insurance Agent Near You
Finding an independent insurance agent near you is simple. You can check out TrustedChoice.com where connecting you with the right agent is a pleasure. Or you can do it the hard way and go through the list one by one until you think you found a good one.
The point is, you have options. Your local independent insurance agent can be a true gem and finding one that you enjoy working with doesn't have to be like searching for an actual gem. It can be simple and done right on this website. The world is your oyster so get to it.
Benefits of an Independent Insurance Agent
Independent insurance agents have access to multiple insurance companies, ultimately finding you the best coverage, accessibility, and competitive pricing while working for you. And as your company grows and your needs change, they'll be there to help you adjust your coverage, up or down, to make sure you're properly protected without overpaying. Find an independent insurance agent in your community here.
TrustedChoice.com Article | Reviewed by Candace Jenkins
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