What is normal home owners insurance?

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In the U.S. as a whole, the average cost of homeowners insurance is $1,680 per year and $140 per month — but the cost of coverage varies significantly based on state laws, your home’s location and the cost to rebuild. Feb 7, 2022

Why it is important to have home owner’s insurance when you buy a home?

Home insurance protects the mortgage lender’s investment by providing the money to repair or rebuild the home if it is damaged or destroyed by a fire, a lightning storm, a tornado or some other covered event.

How does home insurance protect a homeowner?

Standard Homeowners Insurance Coverage. A standard homeowners insurance policy provides coverage to repair or replace your home and its contents in the event of damage. That usually includes damage resulting from fire, smoke, theft or vandalism, or damage caused by a weather event such as lightning, wind, or hail. Jul 12, 2021