Owning your own home is a huge milestone, something many people save for years and years to accomplish. Once you’ve secured your perfect dream home, crafted a warm and inviting atmosphere and settled in to the lifestyle you’ve always wanted—what comes next?
Naturally, homeowners are aware that the next logical step is to secure comprehensive, reliable coverage—however many are mislead or ill-informed. Do you know all the facts?
Understanding what risk factors you’re exposed to as well as what protection you’re granted through your home insurance will help you as a homeowner make a more educated, accurate decision when it comes to securing your insurance coverage. Take a look at our top 5 facts regarding home insurance residents should be aware of:
1. According to a study from the research and investing company, Marshall & Swift, approximately 67% of homeowners nationwide are under insured by an average of 35%. This means if an accident or incident happens you may not have the money to replace your home or cover bills.
2. An alarming 1 out of every 20 homes fall victim to burglary each year. Do you have an alarm system? You can get a discount on home insurance if you do.
3. Roughly 2 million home fires are reported each year. Do you have a fire alarm? Make sure the batteries are checked annually. Replace fire alarms periodically to ensure they work. People often over look carbon monoxide detectors, make sure you have one.
4. The average homeowners insurance premium in Texas is roughly $1400. Are you paying too much? Get a free quote.
5. In 2009, property damage and theft claims accounted for 82% of all claims payments. Do you know what is covered under theft in your home insurance policy?