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What many people think: Buying homeowners insurance is complicated. Time-consuming. A drag. A pain in, well, the neck. I paid too much, and I'm still not sure I have the coverage I really need in case of an emergency.
What HomeownersInsurance.com users know: Buying homeowners insurance is simple. Easy. Painless. I got coverage I can count on at a really good price.
Why the disconnect when it comes to purchasing home insurance?
Two reasons for the HomeownersInsurance.com advantage:
A licensed agent at HomeownersInsurance.com will need some basic information before securing your quotes. Here are some of the questions you'll likely be asked:
When you purchase a homeowners insurance policy, you're buying protection for a number of specified perils as wind, hail, fire, and others, including theft.
Standard home insurance policies typically cover the physical structure of your home, other structures such as sheds and detached garages, and your possessions, including furniture, electronics, and clothing. Should your home become uninhabitable because of a covered peril, your policy also can help pay your additional living expenses, including restaurant and hotel bills. Last but not least, there’s liability coverage in case you're deemed responsible for property damage or an injury.
What's not covered by a standard policy? Flooding, earthquakes, sinkholes, and sewer backups. You'll need separate protection for each of these.
How much homeowners insurance costs depends on a number of factors, including which state you live in. Why does that matter? Because the potential risks can be much greater in some states than in other. For example, homeowners in a state in Tornado Alley could expect to pay higher premiums than those in a state that doesn't face major weather threats.
Find your state in the list below for more information about coverage and costs there: Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wyoming Washington Wisconsin
The other way your location plays into setting homeowners insurance premiums is through local building costs. Much of your premium is based on how much it would cost to rebuild your home in case it is destroyed by a covered peril. That can vary even within a state.
The size and age of your house.
The age of your house, particularly the age of such features as your roof and your plumbing and electrical systems, can help predict the likelihood that you'll file a claim. Older roofs can be much more vulnerable to damage from covered perils such as wind and hail. Older plumbing can lead to water damage from burst pipes. Older electrical systems can be more prone to fire.
Your claims history.
Insurance providers believe that customers who have filed claims in the past are much more likely to file claims moving forward.
Your credit report.
What's credit have to do with premiums? Providers believe parts of your credit report can help them predict your likelihood of filing claims.
Most homeowners insurance providers offer a number of discounts to help lower your premiums. These price breaks, however, vary greatly by provider and state. Here are some common ways you can save:
Bundle: If you purchase home and auto insurance from the save provider, you can save up to 20% on your premium.
Make your home more secure: Adding a security system can result in savings of up to 10%. Don't want to go that far? Adding deadbolt locks on exterior doors can save you up to 5%.
Reduce fire risks: Adding smoke alarms can result in a price break of up to 5%.
One other way to save on your premiums is to increase your deductible – the amount you pay out of pocket when filing a claim. However, it's important to keep your deductible at a level you'd feel comfortable paying should it be necessary to file a claim.