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PROTECT WHAT YOU LOVE!

Your home isn’t just a valuable asset. It’s the center of your life. So it’s extra important to cover every risk with homeowners insurance. Get the right policy and you’ll take care of both large and small risks related to owning a house.

For instance, a devastating fire could result in not only the complete loss of your home, but also put you in financial ruin. Some never recover from events like this. Without adequate home insurance you could be left with no way of raising the funds to pay off the remaining balance of your mortgage. Of course, homeowners’ insurance can also protect you from more common house-related incidents like plumbing issues, burglary, trees falling through your roof, and much more.

At Syzygy Insurance Brokers, finding the right home insurance policy for your specific needs is our main goal. Rest assured, we can help make things a bit simpler by creating a homeowners insurance policy that gets you the proper coverage for your home at the right price.

WHAT IS HOME INSURANCE?

Homeowner's insurance (sometimes referred to as hazard insurance) is a type of insurance policy that provides protection for your property in case something unforeseen happens, like burglary, vandalism, or fire. When you have a mortgage, your lender wants to make sure your property is protected by insurance. That’s why lenders generally require proof that you have homeowner’s insurance.

In some instances, homeowners pay for their homeowner’s insurance through an escrow account as part of their monthly mortgage payment. You make the payments to the lender, and the lender keeps the part of the payment that is for insurance in an escrow account.

Then, when the bill for the insurance is due, the lender pays it from the escrow account. If you don't have insurance, your lender is allowed to buy it for you and charge a fee. You'll be informed in advance of this purchase so that there are no surprises when the bill comes due.

WHAT TYPES OF COVERAGES DOES
HOME INSURANCE PROVIDE?

PERSONAL PROPERTY COVERAGE

Covers damages or robbed personal belongings, like if your furniture is destroyed in a fire, or your is stolen.

DWELLING COVERAGE

Covers damages to your home´s structure like your roof or attached garage.

PERSONAL LIABILITY COVERAGE

Covers legal expenses if you’re liable for injuries or property damage.

OTHER STRUCTURES COVERAGE

Covers damages to structures that aren’t attached to your home, like a fence or a shed.

ADDITIONAL LIVING EXPENSE COVERAGE

Covers hotels, meals, and transportation expenses while your house is being repaired.

WHAT FACTORS IMPACT THE COST
OF MY HOMEOWNER’S INSURANCE?

Your insurance premium is the cost of your insurance policy. Both personal factors and details about your home determine the rate.
Here are some of them:

1. STATE

The state where you reside have a significant impact on the cost of homeowners insurance. For example, the average homeowner insurance policy in Arkansas pays costs $2,142 per year, but the average homeowner insurance policy in Hawaii costs $346 per year, almost $1800 less.

Zip codes have an important role to a certain degree as well. Homeowner insurance is more expensive in areas near the coast because of the higher risk of damage from flooding or hurricanes.

2. CREDIT SCORE
Your credit score is another important factor that affects your home insurance premium. A bad credit score is seen as a “high-risk” of payment default. To compensate that risk, insurance companies charge higher premiums for people with bad credit. On the other hand, homeowners with a good credit score are rewarded with a lower premium.
3. CLAIMS HISTORY
The state where you reside have a significant impact on the cost of homeowners insurance. For example, the average homeowner insurance policy in Arkansas pays costs $2,142 per year, but the average homeowner insurance policy in Hawaii costs $346 per year, almost $1800 less. Zip codes have an important role to a certain degree as well. Homeowner insurance is more expensive in areas near the coast because of the higher risk of damage from flooding or hurricanes.
4. COVERAGE AMOUNT
If you want to raise your coverage limits it will cost extra. The more coverage you have, the more you’ll pay. For example, if you increase your dwelling from $1 million to $2 millions, there is chance your insurance company would have to pay you $2 million after a claim. In preparation for a potential payout, your provider charges you more money upfront.
5. CONDITION OF THE HOUSE
The age and condition of your home plays a role in your insurance rate. Insuring a new home is more expensive than insuring an older home. When your house is equipped with expensive appliances and brand-new electrical systems, it costs the insurance company more money to replace those things if damage occurs. When a house in older it is normally cheaper to fix, which means the cost of your policy will be lower.