Home Buying – the Basics of Homeowners Insurance

ADDED ON September 29, 2017 0 COMMENTS

home buying

Once you’ve purchased your dream home, it’s time to protect it!  Home buying can be very risky without homeowners insurance. It is essential for safeguarding your most valuable possession against defects, vandalism and disaster. It will cover the costs of repairs in the event of calamities such as fire, storms,earthquakes, vehicles, aircraft, riots, theft, and faulty household systems or appliances.  In the La Canada Flintridge area, you will also want to consider other types of insurance so check with your insurance agent. It’s important to find out what type of homeowners insurance you need after buying a home. A good insurance agent will be able to assist and counsel you with these decisions.

During the home buying process, you will be asked to provide the name of your homeowner’s insurance carrier. It’s important that you take time to investigate the different types of homeowner’s insurance, and become familiar with the terms. Costs can very between different insurance carriers, and sometimes there is a benefit to using the same insurance company for your home that you already may use for your car or other insurance coverage. So – shop around!

There are six basic types of homeowner’s insurance:

  1. HO-2, the least expensive type, covers only named perils such as fires or lightning. If the peril is not named, it’s not covered.
  2. HO-3, generally recommended as the minimum coverage, includes open perils protection. It covers all direct physical losses with certain exceptions such as earthquakes, floods and intentional loss.
  3. HO-4, renters and tenants insurance, covers personal property rather than the structure itself. There are also exclusions for which types of perils are covered.
  4. HO-5 covers open perils and adds a rider, which includes protection of personal property. Exceptions also apply.
  5. HO-6 is for condos or co-ops. It is similar to HO-4, but also covers improvements you may have made to the dwelling.
  6. HO-8 is for older homes. It insures the home for the repair cost or market value instead of the cost to replace it.

Let’s find your dream home now!

Take a look at these latest homes for sale in La Canada Flintridge:

  1. 8 beds, 6 baths
    Home size: 6,254 sq ft
    Lot size: 16,595 sqft
    Year built: 1947
    Days on market: 8
  2. 3 beds, 2 baths
    Home size: 2,116 sq ft
    Lot size: 17,640 sqft
    Year built: 1961
    Days on market: 9
  3. 3 beds, 2 baths
    Home size: 1,510 sq ft
    Lot size: 5,925 sqft
    Year built: 1930
    Days on market: 12
  4. 3 beds, 2 baths
    Home size: 1,269 sq ft
    Lot size: 5,896 sqft
    Year built: 1954
    Days on market: 12
  5. 3 beds, 2 baths
    Home size: 2,086 sq ft
    Lot size: 21,964 sqft
    Year built: 1955
    Days on market: 12
  6. 4 beds, 4 baths
    Home size: 4,088 sq ft
    Lot size: 19,535 sqft
    Year built: 2000
    Days on market: 14
  7. 4 beds, 3 baths
    Home size: 2,340 sq ft
    Lot size: 11,507 sqft
    Year built: 1966
    Days on market: 14
  8. 6 beds, 7 baths
    Home size: 9,386 sq ft
    Lot size: 1.64 ac
    Year built: 1924
    Days on market: 15
  9. 3 beds, 2 baths
    Home size: 1,429 sq ft
    Lot size: 8,924 sqft
    Year built: 1951
    Days on market: 15
  10. 5 beds, 5 baths
    Home size: 3,728 sq ft
    Lot size: 13,132 sqft
    Year built: 1994
    Days on market: 17

See all Real estate in the city of La Canada Flintridge.
(all data current as of 11/25/2017)

Listing information deemed reliable but not guaranteed. Read full disclaimer.

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