Home insurance is a necessity for every homeowner. It protects your home and its contents, and it may even be a prerequisite before you can call a space your home.
Getting home insurance starts with getting a home insurance quote from multiple insurance providers. This process can get overwhelming, especially when you have to figure out which price is best for your needs and budget. To help you find the best home insurance plan, we’ll cover the basics of home insurance quotes, from what it covers to the factors that affect them.
What Is a Home Insurance Quote?
A home insurance quote is an estimate of how much it will cost you to insure your home and everything in it. It’s provided by insurance companies, brokers, or agents, and they’re usually free to get–so, it’s best to shop for different ones to compare prices.
What Does Home Insurance Cover?
Home insurance helps you protect your home in case of theft, loss, or damage. It typically includes coverage for:
- Damage or loss to your home’s interior or exterior, including those caused by fire, vandalism, and natural disasters like floods or earthquakes
- Damage, theft, or loss of your personal possessions
- Damage or injury to others who visit your home or property
- Accidental damage you cause to somebody else’s property
Home insurance may also help you cover additional living expenses if you’re temporarily unable to live in your home. For example, if you’re renovating due to covered damage, your insurance may be able to pay for your temporary living expenses in a hotel or a rental home.
Factors That Affect Your Home Insurance Quote
Your home insurance quote is calculated based on several factors. These include:
Home Location
Your address impacts your premiums. Homes located in areas with a lot of crime or spots that are more prone to natural disasters may result in a more expensive policy, because you’ll be more likely to file claims versus other homeowners.
Home Value
Homes with expensive furnishings or high-end appliances will require higher coverage since repairing or replacing these fixtures will be more expensive for the insurance provider.
Home Features
Certain features of your home, such as a swimming pool or a wood-burning fireplace, may pose additional risks to the property’s safety and will most probably lead to higher premiums.
Type of Coverage
Basic home insurance coverage will come out cheaper, and the more add-ons you put in, like additional coverage for specific natural disasters, will pull up the price. That said, it’s always important to consider what’s included in your policy depending on the specific needs of your home.
Claims History
If you have a history of filing claims, you’ll likely get a higher quote as compared to someone who has a cleaner record.
Getting the Best Home Insurance Quote
When choosing home insurance policies, you must shop around for quotes from different providers to compare costs and policy inclusions to find the home insurance for you.
Disclaimer: This article contains sponsored marketing content. It is intended for promotional purposes and should not be considered as an endorsement or recommendation by our website. Readers are encouraged to conduct their own research and exercise their own judgment before making any decisions based on the information provided in this article.
