Homeownership can be a rewarding experience, especially after years of saving up. However, owning a home also comes with its share of risks. Don’t leave your property vulnerable—financially protect it with a suitable insurance policy.

Common Home Insurance Coverage

A standard policy may help protect against the following perils, among others:

• Damage to your home—Your policy may cover damage caused by fire, theft, vandalism and severe weather; however, flooding is excluded, and windstorms may have a separate deductible. Talk to your broker to discuss potential policy coverage gaps.
• Damage to personal belongings—Your policy may include coverage for your personal items if damaged or stolen, up to policy limits.
• Third-party liability claims—Your policy can financially protect you if someone is injured on your property or if someone from your household accidentally causes damage to someone else's property. It can also help if your dog bites another person.
• Costs when your home is uninhabitable—If your home is uninhabitable due to a covered event, your policy may cover the cost of temporary housing and other related expenses.

Pricing Factors

The cost of home insurance can vary widely based on several factors, including the following:

• Location—Homes in areas prone to natural disasters, like Florida, may have higher premiums.
• Home characteristics—The age, condition and construction materials of your home can impact the cost.
• Coverage limits and deductibles—Higher coverage limits and lower deductibles can increase the premium.
• Personal factors—Your credit score and claims history may also influence the cost.

Assessing Your Insurance Needs

Home insurance isn’t a legal requirement, so choosing the right coverage for your situation comes down to personal circumstances. Determining the right amount of homeowners insurance can depend on the following factors:

• Replacement cost—Ensure your policy covers the full cost to rebuild your home from scratch.
• Personal belongings—Consider the value of your personal items and ensure they are adequately covered.
• Additional structures—Include coverage for other structures on your property, such as a garage or shed.
• Liability coverage—Ensure you have sufficient liability coverage to protect your assets in case of a lawsuit.
• Lender or HOA requirements—Your mortgage lender or homeowners association may require certain levels of coverage.

Contact Affordable Insurance Group today to discuss the right home insurance policy for your unique needs. Request a free quote today.