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?
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:
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.