When some buyers are inundated with the excitement of buying a first home, they admit to being confused about an important element of the transaction: the home insurance.
To help startups understand their options, Insurance.com gives a robust guide to buying home insurance for the first time. The resource describes the major components of home insurance and explains how to make the right coverage choices for each.
Insurance experts surveyed 997 homeowners in March 2021 to find out what level of home insurance coverage is the most difficult to determine. The value of replacing personal property topped the list, followed by determining the right home coverage.
Survey results show that the following items are the most challenging for home insurance buyers:
- Personal property – value of your belongings: 21.5%
- Home coverage – cost to replace your home: 17.4%
- Deductible – low or high: 8%
- Liability – for injury / damage to others: 6.7%
- Loss of use – pays for temporary housing: 3.9%
- (Not applicable: no home / tenant insurance: 42.5%)
In response to homeowner confusion, the source explains in detail how:
The guide also includes information on the average premium for ten home levels, deductible and liability levels, and explains what is and isn’t covered by typical home insurance.
“Since lenders require home insurance to be covered before approving a mortgage, it is important to research your options as soon as possible,” explains Michelle Megna, editor-in-chief of Insurance.com. “To properly protect your most important investment and its contents, it may be worth buying more than the most basic coverage.”
Megna is available to discuss this home insurance guide and answer questions on how to avoid first-time buying mistakes.
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