How to get Homeowners Insurance

You probably already know that coverages and premiums vary by insurance carrier. And that goes for all types of insurance, including homeowners. Of course, the best way to make sure you buy the right coverage at the right price, is to shop around. Get quotes from a handful of different insurance carriers and compare the policies.

Shopping around for homeowners insurance is a bit more complicated than shopping for auto coverage is. There are a lot of questions to answer about your home, both its interior and its exterior. Some forms get very detailed in their questions as well. It will be in your best interest if you have everything documented, that way you can easily refer to those documents during the process.

Below we have put together a comprehensive list of the questions you’ll be asked. Remember, these are the basic questions to be asked; insurance companies may vary a bit on some specifics. The information you must provide is split into four main groups: information about you and other residents, information about past insurance policies, information about the home, and personal property information.

Information about Residents:

As in most cases, you will need to provide your DOB, Social Security number, contact information, marital status, job information and details about others who reside in the home. Along with that information, you will need to answer the following questions:

− Do you have current coverage or any claims?

− What is the estimated cost to rebuild your home? (Current estimates will help you avoid being underinsured.)

− How long have you lived in this home?

− Does anyone in the home smoke?

− Do you run a business from you home?

- If so, what kind of business do you have?

− Will anyone live with you who isn’t related?

− Do you have dogs?

- If so, how many and what breeds?

− Do you have any exotic pets?

Information about past Insurance:

Remember, bundling insurances such as auto and homeowners can ultimately save you money.

− Do you currently have homeowners or renters insurance?

− Have you had homeowners insurance in the past?

- If so, which company were you with?

- What was the policy number, policy expiration date?

- If not, how many years have you been uninsured?

− Do you have auto insurance?

- If so, which company were you with?

Information about the Home:

This is where those documents will come in handy. Again, some insurance companies may ask different, more detailed questions about the exterior and interior of your home. Here are the basics questions that will need to be answered:

− What year was it built?

− What year did you buy it?

− Do you have a mortgage?

- If so, who is the lender?

− Do you have a second mortgage?

- If so, who is the lender?

− What is the square footage of living area?

− What is the roof type?

- What is the approximate age of the roof?

− What is the style of the home? (For example: ranch, two story)

− What is the flooring? (For example: hardwood, tile, carpet)

− What is the exterior material? (For example: brick, siding, stucco)

− Do you have kitchen finishes? (For example: custom cabinets, granite counters)

− Do you have bath finishes? (For example: marble, Jacuzzi tub, heated floor)

− Are there any swimming pools, trampolines, or playhouses on the property?

− List your home systems and approximate age for each:

- Plumbing

- Electrical

- Heating

- Air conditioning

- Septic system

- Well

- Sump pump

− Do you have any supplemental heating sources? If so, what is the number and fuel source for each?

- Fireplace

- Heating stove

- Other

− Distance to the nearest fire department

− Distance to the nearest fire hydrant or other water source.

− Do you have any of the following protective devices? If so, state the age or service provider of each:

- Smoke detector

- Carbon monoxide detector

- Deadbolt Locks

- Alarm system

- Security system

Information about Personal Property:

It’s best to get these items appraised first. This will insure that if anything were to happen, you are adequately covered.

− Do you have any of the following valuables? If so, state the approximate value and whether or not it has been appraised:

- Jewelry

- Guns/firearms

- Furs

- Antiques

- Music instruments

- Photography equipment

- Sports/Leisure equipment

- Other Valuable collectibles

If you can answer these fairly quickly, than shopping around for quotes will be much less time-consuming. Also, there might be be some insurance language thrown around, so to help you be a knowledgeable shopper we’ve put together an Insurance Cheat Sheet.

At CoverHound, we know that your time and money is precious. That’s why we’ve made finding insurance quotes easy. Check us out today to learn more about ways to save.