Insurance for a home protects homeowners and their personal items in case of damage caused from a storm or theft to more major issues such as a fire.
A house, townhome or condo is typically the largest asset owned by a consumer. Insurance coverage provides homeowners the financial resources to repair or rebuild a home when there is massive damage.
Premiums for homeowner’s insurance have been rising annually. Since 2010 when the average annual premium for homeowners insurance was $909, costs have increased by 59%, according to the National Association of Insurance Commissioners (NAIC). The average cost for homeowners insurance in the U.S. was $1,445 in 2020, said analysts at ValuePenguin.com, a New York-based consumer research website.