THE IMPORTANCE OF HOMEOWNER'S INSURANCE
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According to the article “Home Insurance Facts and Statistics: Coverage & Claims,� written by Maxime Croll, at least 85% of homeowners in the U.S. have homeowners insurance, and policies cost an average of $1,083 per year. Although the Federal Government does not require homeowners for coverage, home insurance is typically required as a condition for having a mortgage. Likewise, according to the Insurance Information Institute, the average cost of a homeowner’s insurance policy in the U.S. was $1,192 in 2016; however, insurance costs vary considerably from state to state.
Homeowners Insurance
Claims On the other hand, the average payment per homeowner’s claim in the U.S. is $8,787, according to the most recent data from the Insurance Research Council. However, claim frequency has decreased over the last two decades, while the average amount paid per claim has soared.
AN INVESTMENT Many people refuse to pay for homeowners’ insurance since it is considered an intangible product. However, homeowners’ insurance is the best investment. Indeed, it not only protects your house but also yourself and your family.
COVERAGES Certainly, while standard homeowner’s policies help protect your house, other coverages can include additional aspects that go beyond the physical structure of your home (personal belongings, medical bills, dwelling coverage, attached structures such as decks or garages, and others).
Why Paying For a Homeowner’s Insurance Policy?
Likewise, homeowner’s insurance policies can also be helpful if you or a family member are found legally responsible for accidentally damaging someone else’s property or injuring someone. This modality is called liability coverage, and it may help pay for related repair costs, legal fees, and medical bills. Also, insurance policies may protect your visitors if they are accidentally injured at your home.
It’s essential to consider that insurance policies come with coverage limits. For this reason, when you are selecting your coverage limits, you must check some issues such as the potential cost of rebuilding your home and replacing your belongings. On the other hand, when you buy any insurance policy, you must remember that many coverages have deductibles (an amount you must pay before an insurance company reimburses his insurer because of a covered claim).
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