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You have now saved your listing!

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Real Estate Tips

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Home Insurance FAQ

Working through the financial jargon of buying, financing, and insuring a new home can be confusing, but as long as you have a general understanding of your needs, your real estate agent can help you fill in the gaps.

Below are the answers to some common home insurance questions to help you get a head start on protecting your home.

What Is Home Insurance?

Home insurance is intended to protect your home in the event of loss or tragedy. In such case, home insurance can help cover your costs to repair or rebuild your home or replace your belongings. Depending on what type of policy you choose, you may be covered in the event of theft, fire, tornado, water, hail, or other extreme weather damage.

Is Home Insurance Required?

The simple answer is, no. Legally, you are not required to have home insurance in order to own a home. However, proof of home insurance may be required in some instances:

  • Financing your home
    If you, like 63% of homeowners, need a mortgage, your lender may require proof of home insurance. Once your mortgage is paid off, insurance is no longer required. Nonetheless, it’s common to keep your policy active to protect your investment.
  • Extreme climate conditions
    Lenders may require specific insurance coverage in areas with increased risks of floods, fires, or earthquakes.
  • Owning a condominium
    Some communities require condo or home insurance.

What Is Covered?

Coverage varies depending on the specific policy, but most policies protect you from a range of financially challenging risks including:

  • Property damage – Damage/destruction to your home and/or structures on your property.
  • Personal property loss – Damage to or theft of personal property up to your policy limits.
  • Personal liability – If you, a family member, or your pet, cause an accident, injury or property damage – it may be covered.
  • Added living costs – If your house is unlivable due to a covered loss, you may also be covered for alternative living arrangements while your home is being repaired.

What Makes Up a Home Insurance Policy?

Every policy is structured differently, but most policies include:

  • Declarations Page
    List of people insured plus address, contact info, property description, dollar amount of coverage included, and policy cost.
  • Coverage
    The full details of protection for your property and liabilities. This may include your house, its contents, structures on the property, and/or bodily harm or property damage.
  • Conditions
    An explanation of the responsibilities of the insured and the insurance company that outlines what to do in the event of a loss, when and how to file a claim, and what the company procedures will include.
  • Exclusions
    This section goes over the details and circumstances of what is not covered by your policy.

What Affects Premiums?

Your premium is the amount you pay your insurance provider on a regular basis in return for insurance coverage. Every insurance company determines rates differently, but your premium is usually based on details about you, your home, and the type of coverage you choose.

  • House
    Like car insurance, the features and characteristics of your home will affect your premium. Age, structure, wiring, roofing, and siding could all influence the price of your premium.
  • Location
    Things like weather, amount of traffic, and crime rates in the area your home is located in may affect your premium.
  • Protection
    Investing in safety features like smoke detectors, fire extinguishers, and alarm systems may help lower your premium.  
  • Prior Claims
    If you have a long history of filing home insurance claims, this could increase your premium.

When Should I Buy Home Insurance?

Check with your mortgage lender to find out if you will need home insurance before applying for a loan.

Is Home Insurance Tax Deductible?

Except under special circumstances, insurance premiums are not tax deductible.

Remember, every policy is different, so speak with your insurance agent to find out what’s best for you. Don’t have an agent? BRP can help point you in the right direction. Our realtors and agents are dedicated to helping you find your dream home and will be by your side through the whole process!