A Beginners Guide to Homeowners Insurance
As a first-time home buyer, the real estate world can feel complicated enough. Many spend a lot of time searching for houses and not much time searching for home insurance. Luckily, home insurance is fairly easy to acquire. If you want to get a good deal and ensure you are covered properly, that might take a little more work.
Whether you are a first-time home buyer wanting to learn the ropes of homeowner’s insurance in Springfield, Ohio, or looking to revise your current coverage. We have you covered!
What is Included in an Average Homeowners Insurance Policy?
Homeowners’ insurance policies will vary based on your specific needs and can be customized to what types of coverage will serve you best. However, your standard Insurance policy will typically include the following:
- Dwelling: This will pay for damage to your home from a covered incident, such as a fire or windstorm.
- Personal property: This pays for your personal belongings if they are stolen or damaged.
- Other structures: This covers structures on your property that aren’t attached to your house, such as a fence or shed.
- Loss of use: or additional living expenses coverage, will pay for you to stay elsewhere when your home is uninhabitable due to covered damage.
- Personal liability: pays if you injure someone through negligence or cause accidental property damage.
- Medical payments: will cover medical bills for anyone injured on your property, no matter who’s at fault.
What Affects The Cost of Homeowners Insurance?
The different types of coverage that make up your individual insurance policy will greatly affect the overall price. But there are many other factors, as well that will be evaluated to determine your homeowner’s insurance costs.
The age of your home: Older homes often cost more to insure because they typically don’t have the safety features that newer homes do, and repairs can be costly. A home built in 1970 will average $1,809 annual cost to insure. Compared a home built in 2021 averages $1,098 annual cost to insure.
Even if your home is new, the materials used to build it will affect your homeowner’s insurance cost. For example, houses made of concrete are usually cheaper to insure than those made of wood because they’re sturdier and less prone to fire damage.
Location: If your home is far from a fire department or in a neighborhood with a high crime rate, you may pay more. Living near the coast or in an area with regular storms or earthquakes could also raise your rate.
Home updates: Certain upgrades — such as updating an older electrical or a new roof — could result in lower homeowners insurance costs.
Risk Factors: Swimming pools, trampolines, and other “attractive nuisances” can increase the cost of your homeowner’s insurance, as they have a high potential to cause injury.
Your dog: If you have a dog that is deemed an aggressive breed, such as a pit bull, this could increase the cost of your home insurance. Most people don’t realize that your home insurance could be responsible for covering you in the event of a dog bite or attack.
Finding Discounts on Homeowners Insurance in Springfield, Ohio
One of the best ways to ensure you are getting a good deal on your homeowner’s insurance is to work with an independent insurance agent. Our team at Link-Hellmuth Insurance has the ability to search through any insurance provider, instead of being loyal to one. This allows us to find you the best coverage at the best price.
We are experienced in helping you find discounts wherever possible. This could include bundling insurance and shopping for different providers. We will also search for lesser-known discounts considering if you have a home security system, home upgrades, good credit score, and more.
We know owning a home and purchasing homeowners insurance is a big deal. Let us help you make the best decision possible in protecting your new home with the best coverage at a great price!