{"id":6316,"date":"2017-07-20T10:00:54","date_gmt":"2017-07-20T17:00:54","guid":{"rendered":"https:\/\/allnevadainsurance.com\/?p=6316"},"modified":"2017-06-15T10:07:25","modified_gmt":"2017-06-15T17:07:25","slug":"dont-forget-home-insurance-costs-home-buying","status":"publish","type":"post","link":"https:\/\/www.allnevadainsurance.com\/blog\/dont-forget-home-insurance-costs-home-buying\/","title":{"rendered":"Don\u2019t forget home insurance costs when home buying"},"content":{"rendered":"

It\u2019s easy to get caught up in the \u201chow much house can I afford\u201d game when you begin your quest to become a homeowner. But don\u2019t forget to factor in the cost of things like property taxes and\u00a0homeowner\u2019s insurance\u00a0when purchasing a new home. <\/span><\/p>\n

On a home valued at $230,000, you can expect to shell out nearly $1,500 per year in certain states for insurance in addition to your mortgage payment and taxes. The same $230,000 home could cost over $5,000 annually to insure if it\u2019s on the coast and subjected to hurricanes. Homeowner\u2019s insurance costs vary greatly from state to state, with the average policy running at around $800 annually.<\/span><\/p>\n

Be sure to keep that in mind as you shop, and make sure you get multiple quotes from different providers, just as you would a mortgage. Typically, homeowner\u2019s insurance costs are overlooked as borrowers focus on the bigger things like the mortgage. So what are you getting for the money anyways? The standard\u00a0homeowner\u2019s insurance policy\u00a0is separated into two basic categories of coverage: property and liability. These two categories are further broken down into six separate types of coverage. Many more options or additions can be purchased if necessary.<\/span><\/p>\n

PROPERTY COVERAGE<\/span><\/b><\/p>\n

1. Coverage A \u2013 This covers your \u201cdwelling\u201d or the actual house. You want to insure your house for it\u2019s full value at \u201creplacement cost.\u201d Settle for nothing less.<\/span><\/p>\n

2. Coverage B \u2013 \u201cOther Structures\u201d insures structures not attached to your home. Picture a detached garage or a shed, which can be connected by a fence or utility line. You will be insured for 10% of your coverage \u201cA\u201d amount. If your house is insured for $200,000, your shed is insured for an additional $20,000 (totaling $220,000).<\/span><\/p>\n

3. Coverage C \u2013 Personal Property or contents. This is your \u201cstuff.\u201d You are insured for 50% of coverage \u201cA\u201d under this section (in addition to the \u201cA\u201d and \u201cB\u201d limits, totaling $320,000 for property damage on your policy. This concept is known as \u201cstacking\u201d coverage.<\/span><\/p>\n

4. Coverage D \u2013 Loss of Use. Loss of use coverage will pay your additional living expenses in the event your home is deemed unlivable as a result of a covered claim (a fire for example). If your normal living expenses are $1,500 per month and they are increased to $2,200 per month as a result of your house burning down, the insurance company will pay ONLY the $700 difference until your house is repaired or you have found new living quarters, whichever occurs first.<\/span><\/p>\n

LIABILITY COVERAGE<\/span><\/b><\/p>\n

5. Coverage E \u2013 Personal Liability. Your insurance company will pay up to the policy limits for damages you\u2019re liable for. Picture someone slipping on your icy driveway and injuring themselves.<\/span><\/p>\n

6. Coverage F \u2013 Medical Payments to Others \u2013 This coverage is intended to keep you from being sued. Perhaps your dog bites the neighbor\u2019s kid. This coverage will pay for resulting medical bills without having to prove \u201cfault.\u201d It is good will gesture coverage for when accidents happen. Of course, if your neighbor is not satisfied, they retain the option to sue you.<\/span><\/p>\n

Before you head out, you\u2019ll want to secure the reliable protection that will leave your home and belongings safe. Get started on your\u00a0home insurance\u00a0policy that will protect your future and finances \u2013\u00a0<\/span>Call All Nevada Insurance<\/a>\u00a0<\/span>today!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s easy to get caught up in the \u201chow much house can I afford\u201d game when you begin your quest to become a homeowner. But don\u2019t forget to factor in the cost of things like property taxes and\u00a0homeowner\u2019s insurance\u00a0when purchasing a new home. On a home valued at $230,000, you can expect to shell out […]<\/p>\n","protected":false},"author":2,"featured_media":6323,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6316","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/posts\/6316","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/comments?post=6316"}],"version-history":[{"count":0,"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/posts\/6316\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/media\/6323"}],"wp:attachment":[{"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/media?parent=6316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/categories?post=6316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.allnevadainsurance.com\/blog\/wp-json\/wp\/v2\/tags?post=6316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}