For most people, buying a home is the largest purchase they will ever make. Typically, buyers take out a mortgage for this purchase, and the payment includes your principal and interest, escrows for taxes and insurances, and HOA dues if needed. This can be a lot all at once, so many of us look for ways to save money wherever we can. If you’re looking at buying a home, or even just evaluating your current insurance policy, let’s go over a few things about homeowner’s insurance.
Over the last 12 months we’ve seen some horrible disasters impacting millions of people across the country. Hurricane season in 2024 was unprecedented, destroying homes and lives from Florida all the way up to North Carolina and even into the mountain towns in the western part of the state. The fires in California have devastated communities throughout Los Angeles and caused onlookers to think about what would happen if their own homes were destroyed.
This is where it’s so important to make sure you have proper homeowner’s insurance. While it might seem like a good idea to go with less insurance to save money, the risk to your long-term finances is far greater. If you ever experience a house fire, flood, or a total loss of your home, what will you do if you call your insurance agent and find out your coverage is too low to pay your remaining mortgage or rebuild your home?
But how do you know you have enough insurance? To start, it’s a good idea to talk to your agent because they can walk you through all the terms that might be confusing. Dwelling coverage, replacement cost, Coverage B, umbrella policies, and Coverage F? There’s a lot going on in an insurance policy and an agent walking you through the steps can help you decide what you need and don’t need.
It’s a good idea to call your insurer yearly to review your coverage, verify you’re properly protected and as always, get comparable quotes to ensure you are getting the best value for your money. Your insurance is an investment to safeguard the bigger investment of your home, and it’s critical to put the effort into finding what best fits your needs.
For questions about homeowner’s insurance or if you’d like a comparison quote, feel free to reach out to Esther Black at EquityCares Insurance at 740-242-0670 or visit www.equitycares.com.