Home Insurance

Home Insurance

How important is it to have your home insured? Well, considering your home is probably going to be the biggest investment you make during your life, it’s very important.

Although legally you can own a home without homeowners insurance, your lender will most likely require it if you plan to finance your home with a mortgage. Having your home insured can also bring you peace of mind. Not all policies are created equal, but most basic homeowners insurance will cover damages that are caused by fire, lightning, vandalism and other small disasters. Most basic policies do not cover floods or earthquakes, but additional coverage can be purchased.

It also gives you a safety net to help replace your belongings in case you’re ever a victim of theft. Policies can also protect you from being sued if someone is injured at your home.

How much can you expect to pay for homeowners insurance? According to the Insurance Information Institute, the average annual premium for a homeowner’s insurance policy in 2010 was about $900. You’ll also pay a deductible every time you file an insurance claim. Most insurance companies allow you to decide on a deductible amount you’re comfortable with, but most homeowners choose an amount between $500 and $1,000.

No one likes to imagine a worst-case scenario. That is why it might be tempting for some homeowners to overlooking taking out an insurance policy. But it’s difficult to put a dollar amount on the relief you’ll feel if you have homeowners insurance and are ever faced with a crisis. Accidents and unforeseen catastrophes happen every day. Homeowners insurance can ensure that you’ll never face a disaster that you can’t financially weather.

If you have more questions about home insurance, please contact Select Properties at (314) 835-6000.

Berkshire Hathaway HomeServices Select Properties in St. Louis offers an easy one-stop mortgage service through our partnership with Preferred Home Lending that allows you to interact directly with loan officers located in our branch offices.
Select Leasing & Management offers a multitude of leasing and property management services with superior service to both renters and landlords.
Gain valuable peace of mind and avoid unnecessary expenses by utilizing one of HSA Home Warranty’s comprehensive home warranty programs.