The time has come to buy your home sweet home, and now you’re thinking about all things home insurance. Let’s do a quick rundown on what you need to know:

FIRST, WHAT EVEN IS HOME INSURANCE?

Think of home insurance as a financial security blanket for your home and belongings. It protects you from the costs of rebuilding after a fire, replacing stolen items, repairing your home from storm damage, or liability claims if someone is injured on your property. If you plan to finance your home (i.e., get a mortgage), your lender will require you to have home insurance.

SO WHAT KIND DO I NEED?

The most common type of homeowner insurance is an HO-3 policy, which covers your home, belongings, liability, additional living expenses, and medical payments.

HOW MUCH WILL IT COST?

The average home insurance policy varies by state, but to give you an idea, the national average in 2022 is $1,383 per year for a policy with $250,000 in coverage. Remember that your home insurance premium is paid in monthly installments as part of your mortgage payment.

We’d love to talk if you’re looking to buy a home this summer or fall or have general questions about the process.