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Essential Homeowner’s Insurance


Life has the ability to catch us off-guard with unanticipated and costly expenses, such as house damage from a fallen tree or basement pipes bursting during the winter season. That’s why homeowner’s insurance is essential for anyone interested in purchasing a home. Purchasing a home is a major life event, so you want to make sure your investment is protected and insured.

So, how does homeowner’s insurance work?

  1. You pay an annual premium and “decide on a deductible amount to be paid when you file an insurance claim.” That premium is generally paid on a monthly basis as a part of your mortgage.
  2. If an event that’s covered by your policy damages your home, such as a fallen tree or fire, you should immediately contact your insurance company to file a claim.
  3. The company sends an adjuster to assess all of the damage once your claim is filed. Based on his or her notes, your insurance company will offer a sum of money for repairs, then settle the claim. The amount may be negotiable if you feel it’s not substantial enough to cover the cost of repairing or rebuilding your home.

Keep in mind, however, that filing more than 2-3 claims, especially for minor losses, can backfire and lead to an increase in your annual premium.

What Kind of Coverage Does Homeowner’s Insurance Include?

Without home insurance, it’s likely that you wouldn’t be able to afford the cost of home repairs or rebuilding. With the average cost of a claim coming in at approximately $7,500, even filing one claim in the entire span of your insurance policy can make it worth the protection. Here are some common claims homeowners file:

  • Interior damage—Any accidental damage to your house’s interior is covered by home insurance, including water damage, theft, fire, paint peel, and glass breakage.
  • Exterior damage—A large portion of claims are made up of exterior insurance claims, particularly to repair damage resulting from storms. This kind of claim is particularly applicable to homeowners in wooded or coastal areas who have a higher risk of damage from lightning, wind, or falling debris.
  • Total destruction—While this kind of claim is less common than others, it’s the “most common insurance” offered. The average home value in the country is more than $250,000, so the cost of your policy’s premium easily seems like pennies in comparison.

Get a Customized Insurance Program for Your Home at First Bank

At First Bank, we understand the importance of an affordable, quality insurance program that ensures your home is protected from minor damage to an entire rebuild following a disaster. That’s why First Bank Insurance Services* offer you a custom-designed insurance program that fits your needs, whatever they may be. We work with leading insurance carriers to provide quality products at competitive rates.

Contact us today to learn more and get a free quote by filling out this form, and one of our experts will be in touch within 48 hours!


*Investment and Insurance Products are NOT Bank Deposits, NOT FDIC-Insured, HAVE NO Bank Guarantee, NOT Insured by any Federal Government Agency, May Go Down in Value.

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Sources:
http://money.usnews.com/money/blogs/my-money/2013/06/12/do-you-need-homeowners-insurance
http://www.finweb.com/insurance/what-are-the-benefits-of-homeowners-insurance-worth.html#axzz3a2FJERQ1
https://localfirstbank.com/insurance/products-and-services/#homeauto

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