Six Lakes Realty

Understanding Homeowners Insurance in Chetek WI

house-insurance-419058_960_720When you purchase a home in Chetek WI, chances are you will factor the cost of homeowners insurance into your monthly mortgage payment or beforehand, perhaps you even had to submit proof of insurance to your lender before you could secure the loan. Homeowners insurance is an important part of the real estate puzzle, but what do you really know about it? Six Lakes Realty is breaking down the in’s and out’s of homeowners insurance, so you can be even more prepared to purchase a home as an informed buyer this year!

Why do you need it?
Your home is undoubtedly one of the largest purchases you will make in your life and your most valuable investment, so why wouldn’t you protect it? If something were to go wrong, disaster or otherwise, replacing your home would likely not be in the budget. Homeowners insurance ensures both your home and your finances are safe in the event of theft, fire, natural disaster or otherwise.

What does homeowners insurance do?
I mentioned a few scenarios that are covered by homeowners insurance above, but to give you a better idea, the following are the main reasons to purchase a policy:

  • Repairs your home, garage, and yard— Whether your property is damaged by fire or storm, homeowners insurance covers restoring or even rebuilding your home to its former state.
  • Repairs or replaces your belongings— Most insurance policies cover not only your Chetek WI home, but what is inside of it. Your policy will cover everything from smoke damage to furniture or stolen jewelry.
  • Covers liabilities— If an unfortunate event takes place on your property, for instance an injury and the victim sues you, your insurance will help to cover costs.

What is not covered by homeowners insurance?
While there are many instances that are covered by your homeowners insurance policy, there are however several that may not be included. It is always wise to thoroughly examine your coverage to know for sure, but the following tend to be excluded from the average policy and may require additional coverage.

  • Flooding
  • Earthquakes
  • Infestations
  • Mold
  • Wear and tear

How much does it cost?
As mentioned above, your monthly insurance fees will likely be rolled into your mortgage payment, but how much does it cost? There are a number of factors that determine the price of your homeowners insurance, including the cost of rebuilding your home, your Chetek WI home‘s age, distance from water, distance to the nearest fire department, your claims history, items on your property that could pose a risk like a pool, your chosen coverage, and your pets. But lucky for us, Wisconsin was named as one of the three most affordable states for homeowners insurance!

Ready to buy a home in the City of Lakes? We’re here to help! Give Six Lakes Realty a call today!

John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com

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