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Homeowners

Homeowners Insurance Policies

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Owning a home is expensive; you're responsible for repairs, taxes, and maintenance once the closing documents are signed. However, you'll also be responsible for obtaining proper insurance for your home too. After all, it's your homeowners insurance policy that will likely save you from financial ruin should something go horribly wrong.

How do I know if I need homeowners insurance?

If you own a home, then you need insurance. In fact, there's a good chance the lender holding your loan will require you to carry insurance. This is because accidents are, unfortunately, common. A bad storm can tear off your roof, a burst pipe can flood your living room, or a thief can steal away your prized possessions. Home insurance will help cover the cost of these unfortunate incidents.

What is a deductible?

Pretty much every insurance policy comes with a deductible. This is the amount of money you agree to pay before your insurance will cover anything. Generally, the higher your deductible, the lower your monthly premium. However, you need to make sure you can actually afford your deductible.

Will my policy cover everything?

There's a good chance that your policy will exclude specific events or items from coverage. For example, most policies will not cover floods, earthquakes, or hurricanes. Additionally, antiques, valuable jewelry, or paintings may require what's called a rider. Please discuss common natural disasters and any valuable items you own with your insurance agent.

Why do I give the money for my insurance premium to my bank?

The bank holding the loan on your home wants to make sure that it's insured. This is because most homeowners don't have the cash on hand necessary to handle repairs after a major accident. However, it would be impractical for the bank to follow up with each of their customers every month to confirm their insurance premiums have been paid. So, most banks have you give them the money for your insurance premium, and they use that money to the premium for you.



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