Understanding The Cost of Single Family Home Insurance

Insurance goes hand-in-hand with homeownership. With countless policies and providers available, choosing the best option to protect your home, belongings, and family can be a complex process.

Though homeowner’s insurance rates vary depending on your home’s location, size and type of coverage needed, according to NerdWallet, Florida’s average cost is $1,993 per year.

In the event of a disaster or accident, you want to be sure the premium you have been paying is worth it. Whether it is a plumbing mayhem or a natural disaster, understanding the cost of single family home insurance can help you make the right insurance choice for you.

What’s Included in the Cost of Home Insurance?

Whether you are looking to renew your policy are or shopping for a new homeowner’s insurance policy, you should take some time to review what is covered to ensure you have the policy for your needs.

Homeowner’s insurance policies typically offer the following types of coverage:

  • Dwelling
  • Personal property
  • Other structures (fence, shed, etc.)
  • Loss of use
  • Personal liability
  • Medical payments

Also, home insurance premiums can change for several reasons which is why it is important to review your policy often, or annually at the very least.

5 Factors Affecting the Cost of Single Family Home Insurance

#1: Your home’s age

Advances in building materials, infrastructure, and technology continue to improve which means newer homes adopt these updated features. Older homes, however, often cost more to insure because they typically require more frequent and costly repairs.

#2: Your home’s location

The location of your home affects the cost of single family home insurance. If you live in an area prone to hurricanes, such as a high-velocity hurricane zone (HVHZ), then you will likely pay more for insurance.

#3: Special features of your home

Swimming pools and trampolines are great ways to enjoy some fun in the sun, however, these types of “special features” can often result in higher homeowner’s insurance rates, as they increase the potential to cause significant injury.

#4: Your deductible

Your deductible can also affect the amount of your premium. For example, if you choose to pay a higher deductible, you will likely pay a lower premium. Just be sure you have enough saved should you ever have to pay that deductible.

#5: Home insurance discounts

You may also be eligible for discounts through bundling policies (like auto and home) or by installing safety or security devices.

The cost of your single family home insurance is dependent on a variety of factors. Buying homeowner’s insurance is often a necessity, and it can help mitigate hefty expenses in the event of an accident or natural disaster.

Contact GWK Insurance today to help you select the best policy for your home, budget, and family.