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How to Get Cheap Homeowners Insurance as a Young Homeowner

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While homeowners insurance might seem like just another monthly bill to pay, choosing the right policy can be the difference between recovering from disaster and financial ruin. One of the biggest factors in determining your insurance premium is your home’s age – the older it is, the more expensive it will be to insure. Luckily, there are plenty of ways to lower homeowners insurance costs as a young homeowner, no matter what your budget or situation may be. With these tips on how to get cheap home insurance as a young homeowner, you can keep your money where it belongs – in your pocket!


Why do you need homeowners insurance?

Homeowners insurance is needed to cover your property, possessions and liability. In most areas, you’re required by law to carry homeowners insurance if you own real estate. If you have a mortgage on your home or rental property, most lenders require you to get homeowners insurance for it. Also, if you live in an area prone to certain weather events such as hurricanes or floods that may damage or destroy your home or belongings, it’s probably even more important that you buy homeowners insurance.


What is included in your policy?

Most standard home insurance policies include coverage for your personal property, such as furniture and electronics, against fire and other damage. While it’s wise to invest in additional protection for items you can’t afford to replace, it’s also important not to overestimate what will be covered. For example, certain items may have an insurance deductible—the amount of money you have to pay out of pocket before coverage kicks in—and flood damage may not be covered at all. Additionally, some policies only cover replacement costs up to a specific dollar amount; if you want full value replacement on expensive items like jewelry or art, you might need to purchase additional riders. It’s also worth checking into whether your policy covers theft; some do, but others require that you file a police report first.


How much does your policy cost?

One of your first tasks as a new homeowner is to obtain homeowners insurance. As you search for affordable homeowners insurance, make sure to ask yourself what type of coverage you need. Some policies will offer liability coverage only, while others provide protection against flooding and other extreme weather events in addition to fire damage or theft. If your state requires it, flood coverage can add up quickly—but if you don’t live in an area at risk for floods, you may be able to opt out.


What are Exclusions?

In almost every case, there are things that your homeowners insurance won’t cover. Some exclusions include damage caused by flooding, earthquakes, war and vandalism. But don’t let those scare you away from getting coverage! If you make sure that you understand what is and isn’t covered in your policy, you can save hundreds of dollars each year on homeowners insurance.


Tips to getting the cheapest rate

New homeowners should be aware that homeowners insurance isn’t cheap, and will generally increase along with your home’s value. However, there are several tips you can use to get cheap homeowners insurance for your new home: Ask about discounts — Most insurers offer a variety of discounts, such as for having multiple policies with them or bundling other types of insurance (auto, life) with your homeowner policy. For more advice on how to get cheap home insurance, contact a Get-a-Quote professional today! Get-a-Quote is a fantastic insurance shopping tool that will benefit you during your insurance research journey.


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