What is HomeOwners Insurance and how to buy Home Owner Insurance

Key Takeaways:

• Before purchasing home insurance, ask your realtor, neighbors, or family members for their preferred insurer. 
• Request multiple quotes from at least three providers to ensure you have the best rate and coverage for your needs.
• Consider the challenges of your geographic location and review your policy to confirm you have the right coverage for situations such as fallen trees, earthquakes, and floods. You may need to elect additional coverage for such situations.

Compared to all the research, time, and energy put into purchasing a home, buying a homeowners insurance policy is too often an afterthought. However, homeowners insurance deserves more careful consideration because choosing the right policy can prevent financial ruin after disaster strikes.

Here, we'll explain what you need to know when shopping for a homeowners insurance policy, including what is and isn't covered by a basic policy, what additional coverages are available, and how to buy a policy that matches your needs and budget.

How Much Does Homeowners Insurance Cost?

Home insurance costs can vary greatly depending on various factors, including the age, size, and location of your home, and the likelihood of a significant weather event in your area. However, premiums averaged between $100 and $170 per month out of the insurers we rated.

Several factors affect the cost of your homeowners insurance. “Where you live and the natural disasters afflicting that area are a big factor," says Lynne McChristian, communications consultant at the Insurance Information Institute.

Other factors that can affect your homeowners insurance premiums include:

• Comparing some of the common discounts across top companies

  Lemonade » MULTI-PRODUCT DISCOUNTS (BUNDLES)  LOYALTY DISCOUNTS  PROTECTIVE DEVICES DISCOUNTS  300x250 300x250 300x250 CLAIM-FREE DISCOUNTS  NEW HOME CREDIT

  USAA » MULTI-PRODUCT DISCOUNTS (BUNDLES)  LOYALTY DISCOUNTS  PROTECTIVE DEVICES DISCOUNTS  CLAIM-FREE DISCOUNTS  NEW HOME CREDIT

  Amica » MULTI-PRODUCT DISCOUNTS (BUNDLES)  LOYALTY DISCOUNTS http:// PROTECTIVE DEVICES DISCOUNTS  CLAIM-FREE DISCOUNTS  NEW HOME CREDIT

  Allstate » MULTI-PRODUCT DISCOUNTS (BUNDLES)  LOYALTY DISCOUNTS  PROTECTIVE DEVICES DISCOUNTS  CLAIM-FREE DISCOUNTS  NEW HOME CREDIT

  State Farm » MULTI-PRODUCT DISCOUNTS (BUNDLES)  LOYALTY DISCOUNTS  PROTECTIVE DEVICES DISCOUNTS  CLAIM-FREE DISCOUNTS  NEW HOME CREDIT

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