Homeowners Insurance: Everything You Need to Know Before You Buy
Buying a home is a big deal and a significant investment. For most of us, our house is our biggest expense. But, more importantly, our house is our home.
What Is Homeowners Insurance?
At its core, homeowners insurance is an insurance policy that covers losses and damages to your home and assets in the house.
Three Types of Homeowners Insurance
1. Actual Cash Value
2. Replacement Cost
3. Guaranteed (or extended) Replacement Cost/Value
How Much is Homeowners Insurance?
Like most insurance policies, the policyholder pays a premium each month to maintain the policy. The premium paid each month can vary based on many factors.
How Does Home Owners Insurance Work?
Like other insurance policies, homeowners insurance will cover the costs of making any repairs due to covered damages after the deductible has been paid
Most banks will require proof of insurance before lending money to potential homeowners. You can obtain policies through the bank or lending institution itself, or homeowners may choose to get the policy independently.
How and When to Get Homeowners Insurance
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