We usually find that people don’t even think about their new home insurance policy until before closing when their mortgage lender tells them they’ll need a copy of their insurance binder, at which point they have to scramble to get coverage.
So if you’re in that boat, we’re here to help. We’ve gone through the home insurance quoting process with thousands of clients, so we can help you prepare for your quote as well.
We don’t want the process to be frustrating for you, so let’s go over everything you need for a home insurance quote so the process goes as seamlessly as possible.
When you call an agency for a home insurance quote, the agent will begin by collecting basic contact information from you.
These will be things you should already know off the top of your head, such as name, phone number, email address, address, and occupation of all owners of the property.
Although you are applying for new insurance, you can expect your insurance agent to ask you about your current policies including all the policy types, their effective dates, and the carrier they are placed with.
You will likely also be asked if you’ve had any claims within the last five years, or if you’ve ever had a policy canceled or non-renewed.
In addition to helping to provide an accurate insurance quote, this information also helps if you decide to move forward with the agent or carrier. With this information, the agent will be able to cancel your old policies for you when establishing your new policies.
When applying for a home insurance quote, you will need to provide several pieces of information about your property. This is probably the most detailed section of the process since every property has many unique features which can affect the cost of insurance.
Depending on the type of property, you will need to know information about:
- When it was built
- When you moved/are moving in
- Square footage
- The age of the roof on your home
- Roof composition
- Detached structures are on the property
- Renovation plans
- Type of foundation
- Special features
You will also be asked about how the home is financed, and if you pay your insurance premium through escrow.
You should be prepared to answer questions about your possessions to determine personal property limits and consider if you have any items like jewelry or fine art you might want to be scheduled on your policy. Scheduling an item makes sure that you receive the full appraised value (you may need to provide appraisal) without being subject to your homeowners’ policy deductible.
In addition to some general details of your property, you will also be asked about some more specific exposures you may have on your property or personally to help determine personal liability and medical payment coverages.
Some of these might include:
- If you have pets
- If you have a pool
- If you have a trampoline/playset/treehouse
- If you have a pond/stream/brook/body of water in or near your yard
- If you have a second home
- If you have rental properties
- If you work from home or have a home-based business
- If you serve on any boards
- If you are the trustee/executor of an estate
Consider bundling/adding additional personal policies:
Your priority may be home insurance right now, but this is also the best time to consider all of your personal insurance needs.
For one, the agent providing your home insurance quotes will probably also ask you if you plan to bundle your auto insurance. We always recommend bundling because it is the most effective way to save money on your insurance.
By bundling multiple policies home and auto with the same insurance company, you may be able to save approximately 5-25 % on your insurance program.
Outside of auto insurance, it may also be a good time to decide if you need any other types of personal insurance.
Personal umbrella liability insurance: supplements a policyholder’s existing liability coverages on both their home (or renters, or condo) insurance and auto insurance. It offers an extension of the policyholder’s existing coverages.
Flood insurance: covers damages in your home caused by flooding (which is not covered by home insurance).
Life insurance: Provides financial protection to your family if you were to die.
Watercraft Insurance: covers damage and liability for boats and watercraft
RV insurance: covers damage and liability for RVs
If you do need any of these types of insurance, be prepared to provide additional information and answer other questions outside of this article.
Find the right home insurance agent for you:
But wait, after you’re done here, don’t just go anywhere for a home insurance quote. There are several reputable insurance agencies and carriers in the area. So whether you decide to work with us, or find somebody else who is a better fit, you definitely want to do your research to find the option that is the best for you.
You can do this by reading online reviews, checking out the agencies’ websites, or even interviewing them to see if they are the right fit for you. You’ll also want to take several factors into account such as convenience, responsiveness, experience, reputation, quality of coverage, and price when selecting a carrier.