Home Insurance Costs Are Rising: What Buyers Should Plan For!
Buying a home is one of the biggest purchases you’ll ever make. And homeowner’s insurance is what protects that investment. Think of it as your safety net. NerdWallet explains it: Covers Repairs and Rebuilding Costs : If your home is damaged by fire, storms, or other covered events, it helps pay for repairs and possibly even a full rebuild, if that’s deemed necessary. Protects Your Belongings : It can also cover personal items like furniture, electronics, jewelry, and clothing if they’re stolen or damaged. Provides Liability Coverage : And, if someone gets injured on your property, your policy can help cover medical bills or legal expenses. But that peace of mind does come with a cost, and lately those costs have been rising. Why Home Insurance Premiums Are Going Up There are a number of factors causing insurance premiums to rise today. But, in the simplest sense, here’s what’s driving prices up , according to the Insurance Research Council (IRC). Seve...
