What is Home Insurance?
Home insurance (also called homeowner's insurance) is a property insurance policy that covers your home and personal belongings against damage, theft, and liability. Most mortgage lenders require it before closing.
A standard policy (HO-3) typically covers the structure of your home, detached structures, personal property, living expenses if displaced, and personal liability.
Types of Coverage
Dwelling Coverage
Covers the structure of your home — walls, roof, floors, and built-in appliances.
Personal Property
Covers belongings like furniture, electronics, and clothing against theft or damage.
Liability Protection
Covers legal fees and medical costs if someone is injured on your property.
Additional Living
Covers hotel and meal costs if your home is uninhabitable after a covered event.
Water Damage
Standard policies cover sudden water damage; separate flood insurance is available.
Natural Disasters
Covers fire, lightning, windstorm, and hail. Earthquakes & floods need separate policies.
Estimated Cost Guide
- Home Value Annual Premium (estimate)
- Under $150,000 $600 – $900
- $150k – $300k $900 – $1,500
- $300k – $500k $1,500 – $2,500
- $500k – $750k $2,500 – $3,800
- $750k – $1M $3,800 – $5,500
- Above $1M Custom quote required
Rates vary by location, coverage level, deductible, and insurer. These are national averages.
💡 Ways to Lower Your Premium
- ✓ Bundle with auto insurance (save 10–25%)
- ✓ Install security systems and smoke detectors
- ✓ Choose a higher deductible
- ✓ Maintain a good credit score
- ✓ Ask about loyalty or new-home discounts
Request an Insurance Quote
Fill in your details and one of our insurance advisors will contact you with a personalised quote.