Home Insurance

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What home insurance is

Home owners insurance is just what is sounds like- insurance for your home. It's much like insurance for your car but it covers accidents that happen at home, not on the road.


Do I need home insurance?

Unlike driving a car, you are able to own a home without legally needing insurance. However, chances are you will be required to have home insurance if you are planning on financing your home with a mortgage. Contact your lender for more information.


What home insurance covers

  • Damage to the inside and outside of your home
  • Damaged or lost personal belongings
  • Personal liability for damage or injuries
  • Hotel or house rental while your house is undergoing repairs


Types of coverage

  • Actual cash value - This type of insurance will cover the cost of the house plus the current value of your belongings.
  • Full replacement cost - This covers the full cost of everything from when it was brand new.
  • Guaranteed replacement cost - Even if the damage exceeds your coverage limit, the insurance company must fully replace or fix your property at full replacement cost.
  • Liability - This covers you if someone is injured on your property.


Cost

The current average annual premium of home insurance is $952 or about $80 a month.