Save Money On Home Insurance Premiums
How to Save Money On Home Insurance Premiums

Do you know how to Save Money On Premiums? Home is a necessary expense for homeowners, but it can also be a significant financial burden. However, there are several ways to without sacrificing coverage.

This article will provide an analytical and detail-oriented guide on how to reduce your home insurance costs through practical steps such as assessing your coverage needs, comparing quotes from multiple providers, increasing your deductible, bundling policies, and installing safety features.

To start with, it is essential to assess your coverage needs accurately. Many homeowners often overestimate their coverage requirements and end up paying more than they should. Understanding the specific risks that you face will help you determine the appropriate level of coverage necessary for your property.

Additionally, researching different providers' offerings and comparing quotes can help you identify the most cost-effective policy for your needs. By taking these steps and others outlined in this article, you can make informed decisions about how to best protect your property while keeping costs low.

READ ALSO: Importance Of Home Insurance For First-Time Homebuyers

Assess Your Coverage Needs

Save Money On Home Insurance Premiums
How to Save Money On Home Insurance Premiums

The first step towards reducing the cost of your policy is to evaluate your coverage needs by assessing the level and type of protection required for your home. This process involves evaluating whether you have adequate coverage or if you are overinsured.

You can determine this by considering factors such as the value of your home, the contents within it, and potential liabilities that could arise.

Assessing Coverage Adequacy involves determining what types of coverage you need to protect yourself from financial loss in case something happens to your property.

This includes dwelling insurance, which covers damage to the structure of your home, personal property insurance, which covers damage or theft of items inside your home, and , which provides protection against lawsuits that can result from injury or damage occurring on your property.

To accurately assess how much coverage you need; Determining Replacement Value is crucial. This means calculating the amount it would cost to rebuild or repair any damages incurred rather than simply insuring for market value. Insurance providers often offer calculators that use data such as square footage and building materials to estimate replacement costs accurately.

By understanding what coverages are necessary and having an accurate assessment of replacement costs for those items, homeowners can make better decisions when choosing a policy.

READ ALSO: How To Compare Motorcycle Insurance Quotes And Find The Best Deal

Compare Quotes from Multiple Providers

Examining quotes from various insurers can provide homeowners with an opportunity to evaluate the benefits of different coverage options, potentially leading to a more informed and cost-effective decision.

Comparing providers is essential for finding the best deal on home insurance premiums. Negotiating rates by presenting lower quotes from other companies can also encourage current providers to offer better deals.

To compare quotes effectively, homeowners should begin by identifying their coverage needs. This will help them determine which types of policies they require and how much coverage they need for each. After doing so, homeowners should obtain quotes from at least three different providers to ensure that they are getting competitive pricing.

When comparing provider quotes, it is important to consider factors such as deductibles, policy limits, and exclusions. Homeowners should be aware that a lower premium may come with higher deductibles or limited coverage options compared to a higher-priced policy with comprehensive coverage options.

By carefully reviewing these details and weighing the pros and cons of each provider's quote, homeowners can make an informed decision about which insurer offers the best value for their specific needs.

Comparing quotes from multiple providers is just one step in saving money on home insurance premiums. Another effective strategy is increasing your deductible – read on to learn more about this option.

Increase Your Deductible

Raising deductibles is a practical alternative that homeowners can consider to potentially reduce their financial burden in the event of a claim, as discussed in the current section. Deductibles refer to the amount of money that homeowners must pay out-of-pocket before insurance coverage kicks in.

Increasing this amount typically results in lower premiums because it shifts more of the risk and responsibility onto the policyholder. Depending on the homeowner's individual circumstances, increasing their deductible could be a cost-effective way to save money on home insurance.

There are several ways to increase deductibles. Homeowners can choose between percentage-based or flat-rate deductibles. Percentage-based deductibles are calculated based on a percentage value of the total insured value of the home, while flat-rate deductibles involve selecting a specific dollar amount for each type of coverage.

Another option is to opt for an annual deductible instead of a per-claim deductible so that policyholders only have to pay one larger deductible per year instead of multiple smaller ones.

While increasing your deductible may lead to lower monthly premiums, it's important to weigh up both sides of this decision carefully and consider both pros and cons.

The main advantage is clearly reduced costs; however, there are also drawbacks like higher out-of-pocket expenses if you do suffer damage from covered events such as fire or theft.

Homeowners should always ensure they select an appropriate level for their budget and balance potential savings against possible risks.

In conclusion, raising your deductible is an effective way to save money on home insurance premiums without compromising coverage quality provided you're comfortable taking on some additional financial risk should anything happen to require filing claims with your insurer.

READ ALSO: Importance Of Life Insurance For Individuals And Families

Bundle Your Policies

Combining policies with a provider can create convenience and cost-effectiveness for homeowners seeking to consolidate coverage.

When you bundle home insurance with other types of insurance, such as auto or , you may be offered discounts that can result in significant savings on your premiums. This is because insurers want to retain customers who have multiple policies with them, as it increases their profits and reduces administrative costs.

The benefits of bundling policies extend beyond just saving money on premiums. For example, having all your policies with one provider means you only need to deal with one company when making claims or updating policy details.

This can simplify the process and reduce the potential for confusion or errors. Additionally, bundling policies can give you access to broader coverage options and higher limits than if you were to purchase each policy separately from different providers.

When negotiating bundle deals, keep in mind that not all discounts are created equal. Some providers may offer lower premiums but provide less comprehensive coverage or have higher deductibles than others.

It's important to compare quotes from multiple providers and read the fine print carefully before committing to a bundle deal. You should also make sure that the bundled package meets your specific needs without including unnecessary types of coverage that will increase your overall costs.

To further reduce your home insurance premiums, consider installing safety features such as smoke detectors, fire alarms, burglar alarms, and deadbolts on doors and windows.

These features not only make your home safer but also demonstrate to insurers that you are taking proactive steps to reduce risk factors. As a result, many providers offer discounts for homes equipped with these safety features.

Install Safety Features

Installing safety features not only enhances the security of your home but also increases your eligibility for discounts from insurers. By taking proactive steps to prevent damages and reduce risks, you can save money on your home insurance premiums.

Here are some safety features that can qualify you for a discount:

  • Smart home technology: Installing smart home devices such as security cameras, motion sensors, and fire detectors can significantly reduce the risk of burglary or accidents in your home. Insurers often offer discounts to homeowners who have these devices installed.
  • Professional installation: If you decide to install any safety features, make sure they are installed by professionals. Amateur installations may increase the risk of malfunctions or damages, which could lead to higher premiums.
  • Smoke alarms and deadbolts: Basic safety measures such as smoke alarms and deadbolts may seem insignificant but can go a long way in preventing damage and reducing risks. Install them in all rooms of your house for maximum protection.
  • Storm-resistant materials: Consider using storm-resistant materials when building or renovating your property. These materials are designed to withstand harsh weather conditions like hurricanes or tornadoes.

By installing safety features in your home, you not only protect yourself from potential losses but also lower the cost of insuring them. Remember that every insurer has different requirements for discounts so it's essential to research before making any modifications.

To further improve your chances of getting lower premiums, consider improving the overall condition of your property. This includes regular maintenance checks on appliances, roofs, and plumbing systems among others. Taking care of minor issues promptly can prevent significant damages that could result in costly claims later on.

Improve Your Home's Condition

Improving the overall condition of a home can have a significant impact on its value and, consequently, its insurance premiums.

Upgrades to critical systems such as electrical, plumbing, and roofing can provide peace of mind for homeowners while reducing the likelihood of costly repairs.

Additionally, regular maintenance is essential in preventing small issues from escalating into more significant problems that could result in higher insurance claims.

Therefore, taking proactive measures to improve a home's condition can ultimately save money on insurance premiums over time.

Upgrades to Electrical, Plumbing, and Roofing

The quality and condition of a home's electrical system, plumbing, and roofing can significantly impact the overall safety and durability of the property. Electrical upgrades such as rewiring or updating outdated circuit breakers can not only improve safety but also make it easier to get insurance coverage.

Similarly, roofing improvements like fixing leaks, reinforcing structures, or installing impact-resistant materials can help prevent damage from natural disasters like hurricanes or hailstorms. Plumbing is another critical aspect that affects a home's insurance premiums.

Old pipes or improper installations can lead to water damage and mold growth, which are costly for both homeowners and insurers. Upgrading plumbing systems may involve replacing old pipes with newer materials like copper or PEX tubing, installing backflow valves to prevent sewage backups during heavy rainfalls, or adding insulation to prevent freezing in cold climates.

By making these upgrades to their home's electrical systems, plumbing, and roofing, homeowners may be able to lower their insurance premiums while improving the overall safety and value of their properties. Regular maintenance is also an essential factor in reducing home insurance costs.

Regular Maintenance

Maintaining a home can be a daunting task, but regular maintenance is crucial to ensure the longevity of your home's electrical, plumbing, and roofing systems. By implementing preventative measures such as cleaning gutters and trimming trees, you can help prevent damage caused by natural elements like rain and wind.

Regularly inspecting pipes for leaks and hiring a professional to perform routine maintenance on your HVAC system can also save you money in the long run by avoiding expensive repairs.

Neglecting regular maintenance not only puts your home at risk for costly damages but also increases the likelihood of insurance claims being filed. Insurance companies view homeowners who take care of their homes with greater favorability than those who do not.

By taking preventative measures through regular maintenance, homeowners may be eligible for discounts on their insurance premiums.

READ ALSO: Life Insurance And Estate Planning

Ask for Discounts

By inquiring about any available discounts, policyholders can potentially lower their expenses and increase their financial security. Insurance companies offer various discounts to attract new customers and retain existing ones. Policyholders should inquire about these discounts with their insurance company or agent to see if they qualify for any of them.

Here are some common types of discounts that might be available:

  1. Multiple Policy Discount: If a policyholder has multiple insurance policies from the same insurer, they may qualify for a discount on their home insurance premiums.

  2. Security System Discount: Installing a home security system can reduce the risk of theft or damage, which may result in a discount on insurance premiums.

  3. Non-Smoker Discount: Non-smokers are less likely to cause house fires, so insurers may offer lower rates to non-smokers.

  4. Loyalty Reward: Some insurers offer loyalty rewards to long-term customers who have been with them for several years.

Policyholders should also be aware that it is possible to negotiate with their insurance provider for better rates or coverage options. By being proactive and persistent in negotiations with the insurer, homeowners may be able to secure more affordable premiums or additional coverage benefits.

Incorporating these tactics into one's approach toward purchasing home insurance can lead to substantial savings over time.

However, even after securing discounted rates through negotiation or taking advantage of loyalty rewards, homeowners should still consider other ways they can save money on home repair costs by considering investing in a comprehensive home warranty plan.

Consider a Home Warranty

A home warranty plan may provide homeowners with financial protection against unexpected repair costs, as studies have shown that the average American spends approximately $6,000 annually on home repairs.

One of the advantages of a home warranty is that it can cover major appliances and systems such as air conditioning, heating, electrical, and plumbing. Additionally, some plans may include coverage for minor repairs and replacements like doorbells or garbage disposals.

Before getting a home warranty, there are several factors to consider. Firstly, it's important to note that not all warranties are created equal; some may offer more comprehensive coverage than others. Homeowners should also be aware of any exclusions or limitations in their policy before signing up.

Secondly, they should take into account the cost of the warranty compared to potential savings on repairs and replacements. Finally, homeowners need to ensure they understand how claims are handled under their chosen plan.

Considering a home warranty can be an effective way for homeowners to save money on insurance premiums by reducing out-of-pocket expenses when unexpected repairs arise. However, it's important to weigh the advantages and disadvantages before making a decision.

Drop Unnecessary Coverage

Eliminating superfluous coverage can be a prudent approach to reducing overall insurance costs while still maintaining adequate protection. Before deciding to drop any coverage, homeowners should assess their coverage needs and compare quotes from different insurers.

This process can help homeowners identify areas of excessive or redundant coverage that they may no longer need.

One area where homeowners may have unnecessary coverage is in the form of high liability limits. While it is important to have enough liability insurance to protect against lawsuits resulting from accidents on the property, many homeowners may have more than they need.

By reviewing their policy and assessing their risk exposure, homeowners can determine an appropriate amount of liability coverage that will save them money without sacrificing protection.

Another area where homeowners can potentially save money on home insurance premiums is by dropping coverage for specific types of risks that are unlikely to occur in their area. For example, if a homeowner lives in an area with a low risk for flooding, they may not need flood insurance coverage.

Similarly, if a homeowner has a newer roof or recently updated electrical wiring, they may not need additional endorsements for these features as long as they are covered under the basic policy.

By assessing their coverage needs and comparing quotes from different insurers, homeowners can identify opportunities to reduce unnecessary expenses while still protecting themselves adequately.

In addition to dropping unnecessary coverages, there are other steps that homeowners can take to reduce their home insurance premiums such as raising their credit score which will be discussed in the next section.

As you consider ways to save money on your home insurance premiums, improving your credit score can be another effective strategy.

Raise Your Credit Score

Improving your credit score can be a powerful tool in reducing the financial burden of insuring your home, akin to greasing the wheels of your financial stability. Insurance companies often use credit scores as one of the factors in determining insurance premiums.

This is because studies have shown that people with higher credit scores are less likely to file claims and more likely to pay their bills on time. Therefore, improving your credit score could potentially result in lower home insurance premiums.

The importance of having a good credit score cannot be overstated. It not only affects your ability to get approved for loans and credit cards but also impacts the interest rates you receive. Here are some tips for improving your credit score:

  • Make payments on time
  • Keep balances low
  • Limit new applications for credit
  • Review your credit report regularly and dispute any errors you find.

By raising your credit score, you can reduce the cost of insuring your home while simultaneously improving your overall financial health. Consider implementing these tips into your daily life to see an improvement in both areas.

In addition to saving money on home insurance premiums, having a high-quality credit history will positively affect other aspects of personal finance such as loan approvals and interest rates.

Opt for Electronic Payments

Raising your credit score is one way to save money on home insurance premiums, but there are other strategies to consider as well. One option is to opt for electronic payments, which can provide a range of benefits and help you manage your insurance expenses more effectively.

There are several advantages to choosing electronic payments for your home insurance premiums. For one thing, it can help reduce the risk of missed or late payments, which can result in costly fees and penalties. Electronic payments also offer greater convenience, as you can set up automatic withdrawals from your bank account or pay online at any time of day or night.

To make the most of electronic payments, it's important to follow some key tips for managing your accounts. First and foremost, be sure to keep track of payment due dates so that you don't miss any deadlines.

You should also monitor your account regularly for any unusual activity or errors that may affect your balance. Finally, consider setting up alerts or reminders to help you stay on top of payment schedules and avoid any issues.

In summary, opting for electronic payments is a smart choice when it comes to managing your home insurance premiums effectively. By taking advantage of the benefits offered by this payment method and following some simple tips for staying organized and aware of upcoming bills, you can save money while enjoying greater peace of mind about your coverage.

READ ALSO: How To Insure A Custom-Built Motorcycle

Use an Independent Insurance Agent

Utilizing the services of an independent insurance agent can provide a valuable opportunity for homeowners to gain access to a wider range of coverage options and potentially secure more favorable rates.

Independent agents work with multiple insurance companies, which means they have the ability to compare policies and prices from different providers. This allows them to offer their clients a variety of options that may not be available through a single provider.

One benefit of working with an independent agent is that they can help homeowners choose the right coverage for their specific needs. They can assess the risks associated with owning a home in a particular area and recommend policies that provide adequate protection against those risks.

Additionally, independent agents are often able to negotiate better rates on behalf of their clients because they have established relationships with multiple insurance providers.

Choosing the right independent agent is important when looking to save money on home insurance premiums. Homeowners should look for agents who are licensed, experienced, and knowledgeable about the industry.

It's also important to find an agent who is willing to take the time to understand your unique situation and provide personalized recommendations based on your needs.

By working with the right independent agent, homeowners can feel confident that they are getting the best possible coverage at an affordable price.

By utilizing an independent insurance agent, homeowners have access to a wider range of coverage options and potential cost savings. However, it's important for homeowners to remember that avoiding claims altogether is one way to keep premiums low.

Avoid Making Claims for Small Incidents

Minimizing the frequency of claims for minor incidents can help homeowners maintain lower long-term costs in their home insurance coverage. Although having insurance means protection against unexpected events, it is important to keep in mind that making frequent claims for small incidents like a broken window or a leaky faucet could lead to higher premiums.

This increase in premiums can ultimately result in more expenses over time than if the homeowner had found alternative solutions.

One way to minimize expenses is by looking into self-repairs or hiring local handyman services instead of filing a claim with your insurance provider. Some policies have deductibles that are so high that it is not worth filing a claim unless the cost exceeds the deductible amount. In cases when filing a claim would only result in minimal savings, choosing an alternative solution could be more cost-effective and avoid raising future premiums.

In conclusion, homeowners should carefully consider whether making a claim for minor incidents is necessary or not. By minimizing the frequency of claims and exploring alternative solutions, homeowners can save money on their home insurance premiums over time.

Additionally, reviewing your policy annually and discussing with your agent any changes may help ensure you have adequate coverage at an affordable price.

Review Your Policy Annually

To continue our discussion on how to save money on home insurance premiums, it is important to note that reviewing your policy annually can have a significant impact.

Assessing benefits and comparing them with market trends can help you identify areas where cost-cutting measures may be implemented without sacrificing coverage.

When reviewing your policy, carefully examine the terms and conditions of your coverage. Consider if your current level of coverage meets your needs or if you could benefit from additional protection. Additionally, do not hesitate to shop around and compare policies from different insurers to ensure that you are receiving the best value for your money.

To further assist in assessing benefits and identifying potential savings, here are three things to consider when reviewing your policy annually:

  1. Evaluate any changes in property value or personal belongings

  2. Check for any discounts that may have become available

  3. Review any updates or changes in regulations that may affect insurance rates

By taking the time to review your policy annually, you can stay informed about changes in the insurance market and potentially save money on home insurance premiums over time.

Transition: As we move forward into the next section, it is important to stay informed about changes in the insurance market so that we can continue to make informed decisions about our .

Stay Informed about Changes in the Insurance Market

Staying informed about changes in the insurance market is crucial for making informed decisions about one's policy, and it is imperative to remain up-to-date on any regulatory updates or industry trends that may affect coverage options and pricing.

Insurance market trends can have a significant impact on homeowners' insurance premiums, as they may dictate the level of risk perceived by insurers and consequently influence pricing. For example, a rise in natural disasters such as floods or wildfires could lead to an increase in premiums due to the higher likelihood of claims.

To stay informed about changes in the insurance market, homeowners can take advantage of various resources such as industry publications, online forums, and social media groups dedicated to insurance news.

These channels allow individuals to gain insights into emerging trends in the industry, learn more about new products and services offered by insurers, and understand how regulatory changes may impact their policies.

Additionally, working with a knowledgeable insurance agent who understands the nuances of the industry can be beneficial for navigating complex policy terms and identifying cost-saving opportunities.

Incorporating regular check-ins with one's insurer or agent can also help ensure that one's policy remains aligned with their current needs and circumstances. As life events occur–such as purchasing a new property or renovating an existing home–it is essential to update one's policy accordingly.

By staying informed about changes in the insurance market and taking proactive steps towards maintaining a comprehensive policy, homeowners can maximize their savings potential while still securing adequate coverage for their homes.

READ ALSO: Factors That Affect Motorcycle Insurance Rates

Frequently Asked Questions

What are some common mistakes people make when choosing home insurance coverage?

When selecting home insurance coverage, there are several common mistakes that people often make.

One of the most prevalent errors is underestimating the value of their possessions and failing to purchase adequate coverage.

Another mistake is not considering the potential risks specific to their location, such as floods or earthquakes.

Some may also opt for a high deductible in order to lower their premium, without considering whether they can afford the out-of-pocket costs if a claim arises.

Additionally, some homeowners fail to review and update their policy regularly, which can lead to inadequate coverage over time.

Overall, it is important for individuals to carefully assess their needs and thoroughly research different coverage options before making any decisions.

How can I determine the value of my home and belongings for insurance purposes?

Determining coverage for home insurance purposes can be a complex and daunting task. One of the first steps in this process is to determine the value of your home and belongings, which requires careful consideration and attention to detail.

Appraisal services are often used to accurately assess the worth of your property, taking into account factors such as location, age, materials used, and current market trends.

It is important to ensure that all valuable items within your home are accounted for during this appraisal process, including jewelry, electronics, and artwork.

By obtaining a thorough understanding of the value of your property and possessions, you can make informed decisions about the amount of coverage needed for adequate protection against potential losses or damages.

Are there any specific safety features that can significantly lower my home insurance premiums?

Smart homes have become increasingly popular in recent years due to their ability to enhance home security and efficiency. A smart home typically consists of various interconnected devices that allow homeowners to control and monitor their homes remotely.

When it comes to home insurance premiums, having a smart home with advanced safety features can significantly lower insurance rates.

For instance, fire alarms that are interconnected and monitored by a central monitoring system can provide early detection of fires, which reduces the risk of extensive damage or loss.

Additionally, some insurance companies offer discounts for homeowners who install smoke detectors, carbon monoxide detectors, and water leak sensors. Therefore, investing in smart home technology can not only improve one's quality of life but also reduce the cost of home insurance premiums.

What factors can affect my credit score and how can I improve it to lower my insurance premiums?

The calculation of insurance premiums is influenced by various factors, one of which is the credit score of the policyholder. A low credit score can imply that an individual has a higher probability of making claims and thus increase their risk for insurers.

In contrast, a high credit score indicates a lower likelihood of filing claims, thereby reducing the insurer's risk and lowering their premium payments.

To improve their credit score, individuals can take measures such as paying bills on time, keeping balances low on credit cards, avoiding opening new accounts frequently, and correcting errors in their credit report.

By enhancing their creditworthiness through these steps or similar practices, homeowners can potentially reduce their insurance premiums over time.

How often should I review and update my home insurance policy to ensure I have adequate coverage?

Reviewing and updating your home insurance policy on a regular basis is crucial in ensuring that you have adequate coverage for your needs.

The frequency of reviewing your policy may vary depending on changes in your circumstances, such as purchasing new items or renovating your property.

It is recommended to review and update your policy at least once a year to guarantee that it still meets your requirements and provides sufficient protection against potential losses or damages.

Adequate coverage is essential to avoid underinsurance, which can result in financial difficulties when making claims. Therefore, it is vital to assess the value of your assets accurately and adjust the coverage limits accordingly.

Overall, being proactive with reviewing and updating your home insurance policy will ensure that you have peace of mind knowing that you are adequately protected from any unexpected incidents or accidents.

Conclusion

When it comes to saving money on home insurance premiums, there are several strategies one can employ.

First and foremost, assess your coverage needs carefully. Choose a policy that covers only what you need and nothing more.

Next, compare quotes from multiple providers to find the best deal for you. Increasing your deductible is another way to lower your premiums, but be sure you can afford to pay it if something happens.

Bundling policies with the same provider can also lead to savings, as can installing safety features in your home. Utilizing an independent insurance agent may give you access to deals not available elsewhere.

Avoid making claims for small incidents and review your policy annually to make sure it still meets your needs. Finally, staying informed about changes in the insurance market will allow you to take advantage of new opportunities and avoid pitfalls.

In conclusion, saving money on home insurance premiums requires careful consideration of coverage needs and comparison shopping among multiple providers.

Employing strategies such as increasing deductibles, bundling policies, installing safety features, utilizing independent agents, avoiding small claims, and reviewing policies annually are all ways individuals can reduce their premiums while maintaining adequate coverage levels.

By staying informed about changes in the market and being proactive about finding the best deals available, homeowners can save significant amounts of money over time without sacrificing quality protection for their most important asset: their homes.

The use of a rhetorical device called ‘parallelism' has been used throughout this article by repeating key phrases like ‘assessing', ‘comparing', ‘increasing', ‘bundling', etc in order to create a rhythmic structure that makes it easier for readers to understand complex information presented here with ease.

Thank you for reading our article today! Please remember to share this article on social media to help others benefit too. 

It also helps us improve our algorithm and relevance to the public. 
Thanks for Sharring!!!


Follow us on Socials: Facebook - LinkedIn - Twitter
Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like
Home Insurance vs Hazard Insurance

Home Insurance vs Hazard Insurance | Comparision and Similarities

Home Insurance vs Hazard Insurance 2023 | Homeownership is a significant milestone in one’s life, symbolizing stability and the fulfillment of dreams. However, with this achievement comes the responsibility of safeguarding your investment.
The Right Home Insurance Policy

How To Choose The Right Home Insurance Policy

When it comes to protecting your home and belongings, choosing the right…
Factors Affecting Home Insurance Rate

Factors Affecting Home Insurance Rates

What are the Factors Affecting Home Insurance Rates? Home insurance is like…
Importance Of Home Insurance

Importance Of Home Insurance For First-Time Homebuyers

Importance Of Home Insurance For First-Time Homebuyers: According to a recent survey…