fbpx Skip to content

Homeowners Insurance

get insurance quotes

Homeowners Insurance: Build Your Life on a Solid Foundation

According to the U.S. Census Bureau, roughly 64% of people in America own homes. In addition to the financial commitment, there are a lot of responsibilities that come with owning a home. Repairs and updates are costs that never quite seem to go away. This is why home insurance is so important. Many people end up refinancing and/or taking out a second mortgage on their house. It is estimated that there are currently 3 million homeowners in the U.S. who are upside down in their homes. This means that they owe more than their house is worth.

Overall, homeownership is the most significant investment that most people will make in their lifetimes. If you pour all of your life savings into one home, it is important to protect it. If something happens to your home and you are not prepared, you could stand to lose everything. If you own a home, insurance is a necessity!

Claims

According to the Insurance Information Institute, in 2016, 5.3% of insured homes had a claim.  Property damage was the reason for 97% of those claims. The majority of the financial losses resulted from damage caused by fire and lighting. Also, the average amount of these claims was about $50,000. Further, the next highest was bodily injury and property damage and then water damage and freezing. In terms of frequency, the most common cause of damage is wind and hail.

Home Insurance Needs

It is important to recognize that all homeowners have different needs based on where they live. If, for example, your house is located in a high-crime area, you might be most concerned with gaining coverage for theft and property damage. Also, your location in the country will dictate what kind of coverage you need for weather damage. For example, if you live in California, you might be concerned about earthquakes. Also, sinkholes plague homeowners in states like Florida, Texas, Alabama, Missouri, Kentucky, Tennessee and Pennsylvania. In fact, in March of 2013, a sinkhole swallowed an entire house in Florida.

Covered Events

The first thing you want to do when securing a policy is look at all of the covered events. If you are in an area with specific weather dangers, you might have to add on additional liability coverage to your policy. In addition to weather threats, you will want to consider how much protection you will need based on your assets. One way to do this is to take inventory and make a list of all your valuables. Surprisingly, in a survey conducted by the III in 2015, only 52% of homeowners had done so.

The Takeaway

When it comes to insuring your home, you don’t want to cut corners. It is important to do your research, consider the coverage you will need, and make sure you have the necessary protection. When disaster strikes, you don’t want to be left to pay for damages out of pocket. Some homeowners who do not prepare for the worst are left to completely rebuild their homes. Starting from scratch can devastate lives. Don’t let that happen to you.

Auto Listings
Motorcycle Listings
Life Listings
Health Listings
Home Listings
Small Business Listings

Leave a Comment





This site uses Akismet to reduce spam. Learn how your comment data is processed.

RECENT POSTS

Guide to Open Enrollment: Making Sure You Are Insured for Next Year

December 3, 2019

‘Tis the season! That doesn’t just apply to the holidays, but also to health insurance. You have probably heard the phrase “open enrollment” tossed around either on the news or…

Read More

Life Insurance Needs Assessment: Top 5 Reasons You Need Life Insurance

November 24, 2019

We are all guilty of procrastinating every now and then. Especially when it comes to the somewhat morbid topic of life insurance. We all know that our death is an…

Read More

Health Risks and Insurance Costs of Vaping: Is It Really “Cool to Vape”?

November 14, 2019

For decades, smoking has been advertised as cool, sexy, and trendy. With the invention of the e-cigarette, tobacco companies did not stray from their tried and true marketing strategy. Plus,…

Read More

Evaporated into Thin Air: Unseen Effects of Vaping on Health Insurance

October 31, 2019

Among many of the world’s new inventions, e-cigarettes have become a new craze. A recent article from Reuters reported that roughly 1 in 20 Americans are currently vaping or using…

Read More

Save on Car Insurance: Top 5 Ways to Secure a Cost-Effective Auto Policy

October 17, 2019

We are all trying to save more money, but sometimes there don’t seem to be any areas to cut back. One avenue to explore is ways to save on car…

Read More

All Risk Home Insurance Coverage: It’s a Risky Business to Go Without

October 15, 2019

We have all heard the horror stories about people not buying specific insurance coverage and then losing their homes to a tragedy. After an earthquake in California, our neighborhood chat…

Read More

Gap Coverage 101: What You Need to Know About Health Insurance

August 22, 2019

Mind the Gap There are several situations in life that cause people to either change their health insurance, end their health insurance, or have a gap in coverage. I recently…

Read More

Motorcycle Insurance 101: First Time Riders

August 13, 2019

The Cool Commuter When you think of motorcycles, a few things come to mind. Typically, they are thoughts related to the Sons of Anarchy. However, there are actually a lot…

Read More
Scroll To Top
%d bloggers like this: