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Insurance makes sure you’re covered if the worst happens, but for home insurance, the coverage you need will depend on where you live and the nature of your home. Carefully consider all of your options to help build a home insurance policy customized to your needs.
Most base homeowners insurance policies are made up of the following coverage elements:
Depending on where you live and what kind of house you own, you may want to consider this additional protection:
For a standard homeowners policy, you can expect to pay around $35 per $100,000 value of your home, depending on where you live. And if you’re carrying a mortgage on the property, your bank can dictate what kind of coverage is required while you pay off the loan.
Below we’ve listed out common insurance coverages with estimates of their cost. Keep in mind that these are estimates and may not be accurate to where you live.
|Name||Definition||Covers||Loan requirement||Annual cost|
|Dwelling||Damage to the structure of your home||Walls, ceilings floors||Yes||$35 per $100,000 of home value|
|Other structures||Damage to other structures on the property||Outbuildings, detached garage, fence, pool, mailbox, etc.||Yes||$35 per $100,000 of home value|
|Personal property||Damage to personal property||Personal belongings||Yes||$35 per $100,000 of home value|
|Loss of use||Living expenses if your house is uninhabitable||Rental property, food and other living expenses||Yes||$35 per $100,000 of home value|
|Personal liability||Compensation for property damage or injury to a third-party||Third-party personal belongings and injury compensation||Yes||$35 per $100,000 of home value|
|Medical payments||Compensation for medical bills, regardless of who is at fault||Medical bills||Sometimes||Varies; based on the amount of coverage|
|Identity theft||Protection for instances of fraud or creation of new accounts||Varies; but can cover a specialist, legal help, resolutions services and lost wages||No||$25 to $50|
|Sump pump and water backup||Damages from flooding due to a faulty sump pump or water backup||Damages to the home, including flooring, structural, etc.||No||$40 to $50|
|Scheduled personal property||Damage or loss to high-value property||Jewelry, fine art, collectibles, furs, silver tableware, etc.||No||Varies based on the value of belongings|
|Siding protection||Damage to your siding that requires a color or texture match||Siding of your home||No||$25|
|Equipment breakdown||Damages to home equipment||Appliances, electrical equipment, home systems and smart home devices||No||$25 to $50|
|Natural disaster coverage||Damages due to flood, earthquake, or other catastrophe||Everything covered by the base homeowners policy||No||Flood: $700|
Earthquake: from $800 to $5,000 depending on the area and home being insured
The nice thing about homeowners insurance is that it’s customizable to your needs. To best compare home insurance policies, balance out what kind of coverage you’re looking for with the amount that fits your budget. And don’t forget to ask about available discounts.
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