If you are buying a home and need homeowner's insurance, you will want to get quotes from a few different companies to find the best premium and service that fits your needs. Before you start calling insurance companies or filling out forms, you will want to make sure you have all the information you will need to submit a quote ready to go.
To start with, you are going to be asked to provide personal information. You will be asked to provide information such as your name, age, and Social Security number.
If your name is not listed on the property deed, then you will need to provide them with the same identifying information for the homeowner. The policy will need to be issued in the owner's name, with your name included.
Personal Insurance History
Next, they may want to know about your personal insurance history, such as if you have had renters or homeowner's insurance before, and if you have made any claims on those policies.
General Home Information
To get home insurance, you are going to need to know general information about your new home. You will need to know the overall square footage of the house and how many rooms the home has. If your home has a covered patio or garage, you will need to provide the square footage for those areas.
You will need to know when the home was originally built. You will also be asked about the materials used to build the home, such as the type of siding, insulation, foundation, and roof. Provide as much information as you can about the building materials.
Recent Updates to the Home
If the home is not brand new, they will want to know about any recent updates. You will want to get this information from the seller. For example, ask the seller if the electrical system been upgraded recently. Any upgrades or renovations will impact the insurance rates you are offered.
You may also be asked lifestyle questions, such as whether you have pets in the home or if you are planning on installing a swimming pool. These questions are all about assessing the risk of providing you with insurance.
Before you start shopping around for homeowner's insurance, make sure you know specific information about the home. This will allow you to get the most accurate possible quotes from the home insurance providers that you call.
After we purchased our first home, we realized that it might be a good idea to evaluate our insurance coverage. Although we had purchased homeowners insurance before, we had never owned a policy as large as the one we would need for our new place. Also, our new home had a trampoline and a swimming pool, which made us worried about liability. To iron out the details, I decided to meet with our insurance agent. We talked about things like monthly premiums, coverage limits, and deductibles, and it was incredible to learn more about the terminology. This blog is designed to help you with the same types of questions.