Purchasing a new home can be an exciting new adventure. With a new mortgage payment, it’s only natural to try to find the best and cheapest home owners insurance company. The national average insurance payment is $1,192 per year, with some states being on a higher spectrum. However, there are different coverages for homeowner insurances with cost differences.
The different coverages available include dwelling insurance which is your physical home, other structures (such as a barn), and more. Other coverages include personal property (everything inside your home), loss of use, personal liability, and medical payments. You will want to pick an insurance plan that meets all of your needs and covers as much as possible. For instance, medical payments if someone injures themselves on your property.
Cost not only depends on the type of coverage but also on several other factors. These factors include your credit history, the value of the house, the age of the home, and location. If you live in a city with a multitude of break-ins, your insurance will be higher. Also, if you live in a rural area your premium will be higher. This is because if there is an emergency, such as a fire, it will take longer to reach your house.