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How Does Homeowners Insurance Work?
Homeowners insurance protects your investment in your property by helping pay for the cost of repairing or replacing your home if it’s damaged by a covered event, such as a windstorm or fire. Coverage also extends beyond your home, to your personal belongings. It can even pay medical and legal expenses in the event someone injures themselves on your property. The wide-ranging coverage homeowners insurance provides can be expensive. The average annual premium is $1,272, according to the National Association of Insurance Commissioners (NAIC). But if you consider the cost of rebuilding your home, the annual premium is a reasonable price to pay. And if you have a mortgage, your lender will…
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How to Approach Buying Home Insurance for the First Time
Buying your first home is an exciting yet daunting process. There are many steps to take before the keys are finally in your hands, and purchasing homeowners insurance is one of them. Here’s what you need to know to feel confident with your chosen policy. What home insurance is — and isn’t Homeowners insurance, sometimes called hazard insurance, pays for damage from specific “perils” such as fires, windstorms, explosions, theft and vandalism. A standard home insurance policy typically covers: Your home. Other structures (such as a garage, shed or fence). Personal property (such as furniture and electronics). Additional living expenses. For example, if you need to leave your home temporarily while it’s being…
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How the youngest buyers are shaping the housing market
All eyes have been on millennials the past several years, as they have come of age (26-41) to buy homes and build families. They’ve become the dominant generation in home-buying activity, but there’s also good reason to look toward their younger counterparts. Gen Z adults (ages 18-25) are making it clear that they share the goal of homeownership with millennials. Many of them have already purchased homes, while others are taking steps toward achieving their goal. Recent realtor.com research quantifies the momentum of Gen Z buyers, revealing that 72% of them say they’d like to buy a house in the future; 43% expect to do so within five years. Almost half, 45%, are…
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5 Red Flags That Should Be Deal Breakers When Buying a Home
If you’re buying a home, it’s easy to act based on emotion and move forward with making an offer if you fall in love with a particular property. But you should remember that buying a house is a huge investment and will likely come with a large mortgage payment, so you don’t want to rush into the process of picking a property and end up with a place that has major issues. The good news is, by looking out for a few key red flags, you should be able to avoid a mistake that could come back to bite you. Here are five big signs that suggest you should probably walk away from…
