Getting Home Insurance in Omaha
Homeowners in Omaha should consider purchasing home insurance to protect what is likely their greatest investment, their home. It protects owners from bearing the unforeseen financial costs if their home is damaged or destroyed. It will cover most repair and rebuilding costs, given that the damage was caused by a covered peril. These perils can include fire and smoke; windstorm and hail; lightning; and vandalism and theft. Insurance policies will outline which perils are covered, although consumers should pay particular attention to any exclusions listed. Most, if not all, mortgage lenders will require borrowers to purchase insurance. Aside from property coverage, standard policies also provide liability coverage, which protects homeowners against liability for accidents that injure visitors or damage their property. The average premium in Nebraska is $849, just below the national average of $880, according to the Insurance Information Institute.
Factors of Home Insurance Rates in Omaha
The location of your home is just one of many factors that insurers in Omaha consider in determining rates. Urban areas may have higher crime rates, while rural areas might have limited access to fire protection services. Since standard insurance policies cover losses due to theft, high crime rates can cause increases in insurance rates. While Omaha is not one of the safest cities in America, its crime rate is comparable to other similarly sized cities across the nation. The chart below presents average crime rates in Omaha:
Other factors that might affect the cost of your home insurance include the age and condition of your home, as well as the type of construction. For instance, wood-frame houses usually cost more to insure than brick houses because the former are more susceptible to damage. Your home’s distance from fire hydrants and stations can also affect your rate. Insurers will consider your claims and credit history, and naturally, the type of policy and the amount of coverage you select will affect your rate. Taking advantage of available discounts can significantly lower your rate. For instance, many insurers offer discounts for new homes. Installing protective devices, such as dead bolt locks, security systems, and fire alarms, may reduce your premium. Contact your Omaha insurer to determine if you are eligible for these discounts and others.
To lower their premium, homeowners in Omaha can opt to increase their deductible, which will lower their premium. The deductible is the fixed amount that homeowners must pay per claim before their insurer will begin paying. If you select the highest deductible that you can afford in the event of a loss, keep in mind that you will have to pay a greater portion of the cost if your home incurs damage.