Homeowners Insurance

As a homeowner, you must protect your investment and ensure you have the resources to financially endure unfortunate circumstances and unexpected incidents. Various incidents and perils may constantly threaten your home and property, making appropriate homeowners insurance an essential investment.

What Does a Standard Homeowners Insurance Policy Cover?

Homeowners insurance policies may come in many forms, but the HO-3 Special Form policy is the most common type. While the details of HO-3 policies may be customized to suit your unique circumstances, including your needs, preferences and budget, this type of insurance typically includes coverage for the following:

• Structures—This part of your homeowners insurance may help pay for damage sustained by the structural elements of your primary residence. Policies may also offer coverage for detached structures, such as garages and sheds.
• Contents—This component of your policy may financially protect your belongings, including furniture, clothing, electronics and other valuables, up to pre-established limits.
• Liability—If a third party, such as a guest, passerby or neighbor, accrues losses from an incident for which you or another insured are at fault, this coverage may insulate you from financial repercussions.
• Temporary living expenses—This coverage may compensate you for additional costs incurred when your home is temporarily uninhabitable, such as hotel stays and restaurant meals.

How Do Rates Vary by Location?

Location is one of the primary determining factors when it comes to your homeowners insurance costs. This is because insurance companies must consider how your home’s location affects its risk levels; homeowners in higher-risk areas typically must pay more for coverage. Specifically, the following factors may affect your rates:

• Coastal presence—Homes located in coastal regions may incur higher premiums due to a greater chance of natural disasters, such as floods and hurricanes.
• Local crime rates—Insurance companies may consider crime rates in your zip code to determine how likely theft, vandalism and other criminal incidents may be.
• Proximity to woods and brush—Properties close to trees and forests may be more likely to be damaged by falling trees or wildfires.
• Distance to fire suppression services—If your home is close to a fire department station or fire hydrant, it may help you achieve lower insurance costs.

Where Can I Get Homeowners Insurance Quotes?

The knowledgeable staff at The Byfield Agency is well-equipped to help you assess your homeowners insurance needs and address them with an optimal policy. Our team has the experience and resources needed to explore the market and find ideal homeowners coverage at an affordable rate. Contact us today to get started.