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Home Insurance

As a homeowner, you are already hit with so many expenses that it might be tempting to avoid any that seem "unnecessary." Homeowners insurance is something you may think of as optional, but when facing the reality of lawsuits or severe home damage, you will be glad you decided to take the plunge! The good news is that home insurance doesn't have to be a hassle. Bald Guy Insurance knows homeowner insurance and can help you get the necessary policy. Learn why homeowners make the Smooth Choice with the Bald Guy everywhere.

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A homeowners insurance policy offers protection if your home or belongings are damaged due to events like fire, storms, or theft. It also offers protection if someone becomes injured on your property. 



Homeowners insurance is necessary to cover expenses and damages of all kinds. Your home and property are valuable; if something happens, the cost of repairs or replacement might be more than you can fork out. Also, if someone gets hurt on your property, even if it is their fault, you are financially responsible. Lawsuits for injuries on your property can become exorbitant. For example, if someone breaks an ankle in your driveway, you might not only be responsible for the emergency room and follow-up visits but also for lost wages and pain and suffering.


Also, if you are carrying a mortgage, the lender will require you to have a homeowners insurance policy.



Homeowners insurance coverage encompasses actual cash value, replacement cost, and extended replacement cost. For example, if your jewelry is stolen, your insurance may cover the actual cash value of the jewelry, and if the kitchen window is broken, the policy will cover the replacement cost.



You hope you won't need to use your homeowner's insurance policy, but it's better to have it and not need it than the other way around. For example, if you have a  barbecue and one of your guests takes the express route down the deck stairs and breaks an ankle, homeowners insurance will cover it. You're probably thinking, "My friend won't sue me!" Unfortunately, this happens all the time. Better to be safe than sorry!


If you come home from vacation and find someone has helped themselves to all your electronics and your stamp collection, homeowners insurance can help. Home insurance is to the rescue if the neighbor's kid sends a baseball through your kitchen window!


It is important that you understand exactly what your home insurance policy covers so there are no surprises. For example, your policy may cover damage done by a fire, storm damage, or other disaster. It can also cover the costs of a hotel if you are displaced while you wait for the damage to be repaired.


It covers most structures on the property and some things that happen off your property. For example, if your dog bites your neighbor across the street. Or maybe it's your kid who breaks the neighbor's kitchen window.


Some things are not covered by homeowners insurance, such as insect damage. Know your policy inside and out, and find out if you can purchase additional riders to cover things not included in your policy. 

Is Homeowners Insurance Required?

No state requires anyone to carry homeowners' insurance. However, if you have a mortgage on your home, your lender may require you to carry a minimum amount of coverage. This helps protect you if someone wants to claim your household, but it also helps protect the lender in the event of a catastrophic event such as a fire. Homeowners insurance helps preserve assets in your home and helps protect you financially from any potential claims that could be covered by insurance.

When Should I Get Homeowners Insurance?

If you purchase a home and take out a mortgage, your lender will require you to find coverage before you close the loan. Remember that costs vary from location to location, so working with a qualified insurance agent can help you see all your options. Even if you are not securing a mortgage, a homeowners policy can help protect you financially from significant losses.

How Much Does Homeowners Insurance Cost?

The cost of a homeowners policy varies from location to location. Some of the factors which will play a role in how much your coverage costs include:

  • Where you live — in most cases, home insurance will be based on location. Remember, not every home has the same access to fire departments. In contrast, others are located in an area with lower crime rates. The less hazardous the area, the more likely your costs will be reduced. So, a home 100 miles from a major city and one at the center can vary widely in cost.

  • Replacement cost — based on the size of your home, the number of rooms, and the age of the home, the replacement cost will need to be covered by your homeowner's insurance. Something to remember: replacement cost and purchase price can vary.

  • Deductibles applied — As a general rule, the higher the deductible, the lower the cost of your insurance will be. A deductible is an amount that must be paid out of pocket before your insurance covers any losses, but other insurers may have different policies regarding deductibles.

The Bald Guy has highly skilled insurance agents to ensure you get the best possible coverage at a reasonable rate. They can explain all of the coverage you should have and help you pick the right home insurance for your needs.

Is Homeowners Insurance Included in the Mortgage Payment?

While the lender may insist they impound insurance and tax payments, they are technically not considered part of your mortgage payment. The formula used to qualify you for a mortgage will likely include a formula for insurance and taxes. When a lender impounds insurance and taxes, you will pay a monthly amount in addition to the repayment of principal and interest on your loan. This amount accumulates in a designated account and is used to pay insurance and quarterly excise tax bills.

How Much Homeowner Insurance Do I Need?

The coverage you need is best determined by consulting an experienced insurance broker or agent. In addition to understanding the replacement cost of your home, they can go over other coverages such as personal property, additional living expenses, and other structures, to name a few. Liability coverage helps protect you from financial liability should someone bring a suit against your household for any injuries. Depending on where your home is, you should also speak to your agent about flood insurance policies.

The amount of homeowners insurance you will need depends upon several factors. Speak with an experienced home insurance agent to discuss your specific needs.

What Causes Homeowners Insurance to Increase?

There are numerous reasons why homeowners' insurance premiums may increase. Some of the most common reasons for rate increases include:

  • Severe weather events

  • Cost of materials to repair or replace a home

  • The labor market in the area where your home is located

Every homeowner should seek guidance from an experienced insurance agent. The reason for this is simple: a homeowners insurance agent can help you find cost-cutting measures, including bundling your home, auto, and life insurance, a higher deductible when practical, and even simple measures like security systems, sprinkler systems, and other systems that can help protect your home from loss.



Don’t lose your hair over the stresses of shopping for the right homeowner's insurance. Make the Smooth Choice and let Bald Guy Insurance help. Bald Guy Insurance takes the pain out of buying insurance so you can get on with your life. Don't let the hassle hold you back; contact the Bald Guy today!

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