Homeowner’s insurance (also known as home insurance) isn’t a luxury, it’s a necessity. And not just because it protects your home and possessions against damage or theft. Virtually all mortgage companies require borrowers to have insurance coverage for the full or fair value of a property (usually the purchase price) and won’t make a loan or finance a residential real estate transaction without proof of it.
On average, at least 6% of homeowners make a claim to their home insurance company each year. This might not seem like many, but those claims are far from small. The Insurance Information Institute estimates that insurers paid out an average of $10,592 to homeowners last year, covering everything from fire and lightning damage to theft.
Choosing the right level of insurance is key—if you don’t buy enough, you’ll be out of pocket for any shortfall. Buy too much, and you’ll be paying for coverage you don’t need.
Introducing Keller Covered. Offering Palm Springs home buyers the first-ever opportunity to shop and compare insurance quotes from top-rated carriers. Helping buyers make the most informed decisions.
Brought to you in partnership with Keller Williams.