District of Columbia Home Insurance Rates

Homeowners throughout America require insurance in order to protect their homes and their personal belongings. However, home insurance rates can vary quite dramatically, and this will typically depend on where a person lives, their property’s value, and certain local restrictions and regulations may have an impact. The District of Columbia currently has the 5th highest home insurance premiums in the US, and on average a homeowner can expect to spend just over $1,000 per annum. The national average is currently $804, and therefore the District of Columbia has fairly expensive premiums in comparison.

It must be said that a homeowners’ home insurance policy can vary from that of their neighbor, although living within such close proximity will mean that the insurance policies will have similar components. However, a customer should be aware of certain factors when looking for the best home insurance rates in the District of Columbia:

Property protection
The amount of property protection offered will depend on how comprehensive a person’s home insurance policy is. Basic coverage will cover a home from factors such as fire or theft, whereas a more extensive policy will typically cover damage caused by storms, leaks, and a vast array of other perils.

Specialty protection
Specialty protection may include something such as flood protection. A homeowner may or may not need flood protection, and it is recommended that they speak to their insurance agent to ascertain whether their home is located in a flood plain or whether flooding is ever likely to be an issue. It is important to remember that a standard home insurance policy will not cover a person’s home in the event of a flood or earthquake.

Liability protection
A home insurance policy will generally provide some form of coverage to protect a person in the event that they are subject to litigation or a lawsuit. The most common form of liability protection would be to pay for court costs, medical expenses, loss of wages, and compensation for pain and suffering to a person who was injured by an insured person or their home, e.g. a contractor slips on a wet floor and severely injures themselves.

When researching home insurance rates in the District of Columbia, consumers should always remember that there are certain factors that will be beyond their control. Certain issues such as the type of dwelling that someone lives in and how they obtained financing for their home will in some way dictate the type of coverage an insurance company is expected to provide. The other factors to consider when looking for home insurance in the District of Columbia include:

Mortgage lender
If an individual has had their home financed, their mortgage lender will generally require them to provide proof of insurance. As most people are aware, the bank will still own the property in this instance, and therefore they would want to make sure that it is adequately protected if an insurable event/disaster or catastrophe were to take place.

The type of property
Condominiums and town-houses may have existing insurance through a homeowners association, and in general these types of property will have “common areas” which means that the community as a whole may actually own the properties. This can save a lot of money on home insurance premiums, and often there will be a collective community insurance “pot”. This is something, however, that a homeowner will need to check with their insurance agent.

In order to receive the most competitive home insurance rates in the District of Columbia it is recommended that residents should obtain quotes from multiple insurance companies. This will help a consumer determine whether they are really getting a good deal, although the cheapest rates offered are not always the best. If a customer finds that the rates offered are a little expensive there are a number of ways to reduce the costs.

These include increasing the amount of deductible payable, which in turn will reduce the premiums, although a customer should always be sure that they are able to afford the new deductible level. Certain security features, such as burglar alarms, smoke alarms, and qualifying locks on windows and doors can also help to significantly reduce insurance rates.

It is recommended that residents of the District of Columbia start their search for home insurance online, as there is a wide variety of insurance companies, insurance brokerages and price comparison websites on the internet. A customer will generally need to complete a form with a few basic details about themselves and the property they wish to insure, and a quote should be supplied within a matter of minutes. Often an insurance agent will follow up by calling the customer to discuss their needs further.

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