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March 28, 2022
Buying a home means buying homeowner’s insurance. Let’s figure out how much that might be
Figure out what your insurance might be in the calculator above. Keep in mind that the average will change depending on your location, so be sure to provide a zip code!
Calculate your insurance now
There are six factors in an average policy. How much you want in each of them will ultimately decide what your overall premium might be. The six factors are
Dwelling- This covers any damage to the home itself.
Other Structures- Pays for any damage to things like fences or sheds.
Personal property- This covers the items you own
Additional living expenses- Covers some unforeseen circumstance. For example, If your house is getting fumigated and you need to temporarily move, this covers that.
Liability- If someone is injured on your property, this will cover it.
Medical Payments- pays for any treatment one might need, if they were to get hurt on your property.
You will need enough dwelling coverage to theoretically pay for rebuilding your house from the ground up, while some of the others will be made up from a percentage of that dwelling coverage.
Liability coverage is $100,000 or more, while medical coverage stays in a lower limit; between $1,000 and $5,000
Choose your insurance deductible
This is the amount you pay before your homeowners insurance does the rest. It usually falls somewhere between $500 and $2,000.
Don’t forget; the higher your deductible, the lower your premium!
Look at other factors
Beachfront properties, while beautiful, will hike up your liability coverage. Things like swimming pools and the age of the home are also important to consider.
Think about supplemental coverage
If you live in an area prone to things like earthquakes (yikes!), it might be worth considering additional coverage to the standard home insurance policy.
Get a quote
Insurers sometimes offer estimates of how much their insurance will cost. Try it out to get a sense of where you’re at.
Not everyone is lucky enough to have financial planners as parents, but that’s what Money Her Way is here for. We want to give every woman, no matter their age, the opportunity to take control of her finances.
