young homeowners, what millennials need to know about their home insurance

Home Insurance for Millennials

Here’s what millennials need to know about their home insurance.

Traditionally, summer is the most popular time to buy a home, and experts are excited to see more and more millennials entering the real estate game.  If you are a millennial looking to buy a home, then one of the things you will have to learn about is home insurance.  But what is there to learn?  Here’s what millennials need to know about their home insurance.

What does it cover?

There are many different types of home insurance, and each form offers a different level of coverage.  The most common type of insurance for standard homes are HO-3 (special form) and HO-5 (comprehensive form) policies.  These policies offer coverage for four main things: your dwelling (the house), personal property, personal liability, and loss of use.

Why do you need home insurance?

Well, on top of home insurance being the best way to protect your investment, most mortgage lenders require you to take out a policy on your home.  This is because they have a stake in your property and wish to protect their investment.

How do you choose the right policy?

When it comes to securing home insurance, there are a number of factors to consider.  For instance, you need to think about what activities you plan on doing in the home (renting, Airbnb hosting, running a business, etc.).  You also need to consider the value and type of the personal possessions you keep in your home.  Finally, you also need to consider the types of hazards that your home is likely to face (fires, earthquakes, hurricanes, floods, etc.).

While these are the main factors that will influence your coverage decisions, you also need to make sure that you are looking at different insurance providers and comparing different policy types to ensure that you are getting the coverage that you need at a price that you can afford.  Remember, when it comes to securing home insurance, it’s best to be proactive.  Waiting until the last second to secure coverage could rush you into making a decision that breaks your budget.

This is what millennials need to know about their home insurance.  Do you have additional questions about this essential form of coverage?  If so, then contact the experts at Tri-Star Insurance/HUB International.  We are ready to assist you with all your home coverage needs today.