Frequently Asked Questions About Homeowners Insurance

If you’re looking for homeowners insurance in Columbus, Ohio, then Haughn & Associates can help you out where you need it. As a new prospective homeowner, it’s important to learn the basics about what you’re about to delve into. There are plenty of guides for new homeowners available online, but which one is the best to help you figure out what you need to know? Buying a house is no joke, and there’s a lot of things you need to know before purchasing the home and purchasing the insurance to protect it.

The average homeowners insurance premium rose 3.6 percent in 2015, according to the Insurance Information Institute, with 5.9 percent of homes having an insurance claim. While that doesn’t seem like a lot compared to the big picture, it’s still a significant figure, and it’s always good to be prepared in case something does happen. Check out this list of the top frequently asked questions about homeowners insurance, and see if it answers some of your burning questions.

Why Do I Need Homeowners Insurance?

It seems like the most simple question to ask, but it has a long answer attached to it. Homeowners insurance makes sure that you are covered for when you really need it. Sometimes things happen such as natural disasters, which are completely out of our control. In the event that something bad happens, it’s good to make sure that your home is insured, because then you can afford to pay for those damages later. Homeowners insurance helps pay for any potential rebuilding costs that you might have down the line.

What Does My Homeowners Insurance Policy Cover?

Homeowners insurance covers a multitude of issues, including property damage, personal property loss, personal liability and added living costs.

  • Property damage includes destruction to your residence, which can happen through vandalism or through natural disaster. Hurricanes are typically covered but floods and earthquakes may be excluded, so you may want to look into additional coverage if you live in an area prone to those types of disasters.
  • Personal property loss includes theft, while personal liability covers whether someone gets hurt in your home.
  • Added living costs covers you if your home cannot be inhabited, and you find yourself having to temporarily stay elsewhere.

Is Homeowners Insurance Required?

While it varies by state, your lender might ask for homeowners insurance in order to provide you a home loan. If you own your home, it’s still a good idea to have homeowners insurance. The state of Ohio does not require homeowners to possess homeowners insurance, but it would not be wise to forego coverage.

How Much Does it Cost?

The countrywide average homeowners insurance premium was $1,173 in 2015. The value of your home and the coverage you want to purchase will ultimately dictate how much you will be spending a month in order to stay covered. A premium can range anywhere from a few hundred dollars to around $1500. It depends on the home. And if you want extra coverage, you’ll be paying more out of pocket per month.

Compared to other states, Ohio has below average home insurance rates. In 2015, the annual average rate for Ohio was $819, compared to the national annual average of $1,173. However, keep in mind that your rate will be dependent on your home and your specific policy, so make sure you ask your agent for a more exact figure.

About Haughn & Associates

Founded by Michael Haughn in 1986, Haughn & Associates is a full-service, family-owned, independent insurance agency based out of Dublin, Ohio. H&A strives to provide the best possible price and unique insurance solutions across a myriad of industries, including construction, IT, Habitation & Commercial Property, Agriculture, and Engineering. Devoted to providing the best of business insurance, life and disability insurance, personal insurance, employee benefits, and bonds, H&A is proof that success lies in long-standing client relations and satisfaction. To learn more about how H&A can be of service to you, contact us at (877) 802-2278.