Buying a new home is exciting. Buying home insurance often isn’t. But home owner’s insurance is a critical protection for your home and all that’s inside of it. So how do you know which policy is right for you? Never fear, Insurance Online is here! Here is our helpful millennial's guide to home insurance.

Do I Really Need Home Insurance?

When buying a home, especially for the first time, money can be especially tight. In such instances, you may find yourself wondering “do I really need homeowner’s insurance?” Simply put, the answer is yes!

In many cases, homeowner’s insurance is a requirement – not an option. This is especially true when if you have a mortgage. If you take out a mortgage, most lenders will likely require that you have home insurance. This is because the lender wants to ensure that it’s financial investment in your property (after all, that is what a mortgage is) is protected in the event it is damaged or destroyed by a fire or other accident.

What Does Home Insurance Cover?

Homeowner’s insurance offers you and your property an exceptional level of coverage in the event of accidents or natural disasters. These coverages include:

• Structural Damage – If your home is damaged or destroyed in a fire, an accident, or by lightning or another such incident, your homeowner’s insurance policy will cover the costs of repairs. Many policies may also cover the costs of repairing damage to other structures, such as garages, sheds, or fences, as well as plumbing, air conditioning, or even electrical wiring.
• Possessions – If your home gets badly damaged, chances are many of your personal possessions will too. Home insurance will cover the cost of repairing or replacing these items.
• Living Expenses – If your home is so badly damaged in an accident, you may need to find temporary accommodation while your home is repaired or rebuilt. Homeowner’s insurance will cover the cost of these living expenses – including housing, meals, transportation and more.
• Liability Cover – If people get injured – or worse – on your property, you may find yourself liable for their medical costs and any damages they may seek. If you don’t have home insurance, you could find yourself out tens of thousands of dollars – or even lose your home. Liability coverage is part of your home insurance, meaning if an accident happens, you’re covered.

Important Things to Consider

While home insurance offers a great deal of protection to both you and your new home, there are a few things you must keep in mind:

• Limits – Limits are the maximum amount your homeowner’s policy will pay-out in the event of a claim. When deciding on which plan is right for you,  take into account the cost of rebuilding your home or replacing your belongings when agreeing to a coverage limit.
• Deductibles - Deductibles are the amount of money you will have to pay before your insurance benefits kick in. Make sure to pay close attention to what your deductible will be before you sign any policy.

Some Quick Tips for Choosing a Home Insurance Plan

Now that you know the basics of homeowner’s insurance, here are five quick tips for getting the best home insurance for your new house:

1. Don’t automatically choose the cheapest insurance – Remember to look at what is covered and the deductibles!
2. Bundle to save money – purchasing multiple policies - auto and home for example – can result in big savings.
3. Understand the limits of each plan’s coverage.
4. Improve your credit score – a higher score means insurers are more likely to offer you better rates.
5. Use insuranceonline.com to find the best policies!

At Insurance Online, customers can compare hundreds of quotes – and not just from the big providers – at any time 24/7. We’re more than just an insurance company. Our agents live and work in the same communities as you, so you can be assured you’ll get the right policy from someone that understands your needs. So, when life happens, Insurance Online is just a click away. Contact us today at (800) 313-8013 for home coverage.