Does home insurance intimidate you as a new homeowner?

If so, you’re not alone. Chances are, many of your neighbors in Buford, GA and beyond don’t understand the ins and outs of their homeowner’s policy either. This type of coverage is based on a lot of varying factors, and it has just as many components. Here’s what you need to know as a brand new homeowner.

Not All Policies Are Created Equal

There are at least 8 types of homeowner’s policies available, but not every one of them is designed for your home. For instance, the most common policy, HO3,, offers extensive coverage for your belongings as well as some liability and medical coverage. However, if you want coverage for items that aren’t specifically listed in your inventory of belongings, you may want to opt for HO4. If you own a condo, you’ll want to purchase an HO6 policy, which is specifically meant for homeowners who have a condo or belong to a homeowner’s association. Your agent at Town & Country Insurance can guide you to the option best suited for your type of home. You should be ready to decide how extensive your coverage needs to be in case of a disaster.

Your Payment Isn’t Based On Coverage Alone

Even if you and your next door neighbor have the same kind of homeowner’s policy, you’re likely not making the same kind of premium payments. The amount you pay is based on some factors other than the type of coverage you choose. These factors include:

• Your credit
• Whether you’re a first-time homeowner
• Whether you’ve made a claim on a home insurance policy before
• The terms of your mortgage.

In some cases, your mortgage lender will allow you to pay for your home insurance with your mortgage payment. If your insurance is rolled into your mortgage payments, you only have one predictable payment to keep track of from month to month.

Also, you may be eligible for some discounts based on your personal circumstances or some aspects of your home. For instance, if you install an advanced smart security system, some insurance providers offer you a discount. Likewise, you may be able to pay less if you’re a military veteran. Be sure to ask about discounts before finalizing your policy.

This quick overview should make you feel more confident about your homeowner’s policy in Buford, GA. Contact one of the friendly agents at Town & Country Insurance to discuss the details of your policy further.