Why Purchase Homeowners Insurance?

Why Purchase Homeowners Insurance?

| June 28, 2021

A Quick Overview of Homeowners Insurance

Homeowners insurance may cover the costs of repairing or rebuilding your damaged house, providing temporary housing if your home is uninhabitable, and repairing or replacing your personal goods that have been damaged or stolen. 

Lenders may also require you to carry insurance for a minimum value of your mortgage. 

If you are found to be accountable, it may also cover medical expenses for injured visitors, damage to someone else's property, and legal fees and court judgments. But only for a covered peril and only if you did not intentionally cause the loss. 

What Factors Affect the Cost of Your Home Insurance Premium?

Your Home Type

Frame houses often have a higher cost than brick houses. 

Your House Age 

New homes may be eligible for reductions.

The Amount of Protection

The more you insure, the more you'll pay on your premium.

Your Deductible 

How much you agree to risk paying out of your own cash for each claim

The Discount 

Companies may reduce the price of insurance if you have multiple policies - and depending on your carrier and personal qualities, you may be eligible for additional discount. 


Your Claim History and Credit Score

The number of claims you have previously made, as well as your credit score are taken into account when determining your home insurance premium. 

The Dangers of Being Uninsured

In the event of a claim, you can expect the insurance provider to cover the entire cost of replacement or repairs. This only happens if your home is insured for at least 80% of the cost of rebuilding it. If your home is insured for less than 80% of the replacement cost, the insurance provider will only cover a portion of the repair costs.

Find What You Need

Insurance companies offer a wide range of insurance options, each with its own set of coverages and restrictions. You can customize your coverage with endorsements to match your specific requirements.

Take Control 

Insurance policies vary greatly, and coverages can be very complex. 

Questions? Reach out to us.

To learn more about how Crunelle Insurance Agency can help you cut throughthe complexity and determine your best course of action, we invite you to contactus at 614-876-4634 or info@crunelleins.com. 

Life is unpredictable. We help you protect it.