.jpg "Corin Cook")
If you’re buying a new home right now, we know there is a lot on your plate. And with all of the moving pieces you’re juggling at once, we’re not surprised if homeowners insurance isn’t at the forefront of your mind.
At Berry Insurance, we often 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.
Contact information:
When you call an agent 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.
Do you need an insurance policy for a new home? Download this checklist that will help you navigate the insurance portion of the home buying process step by step.
Coverage history:
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, policy numbers, their effective dates, and the agent/carrier they are placed with.
You will likely also be asked if you’ve had any claims within the last five years, if you have any outstanding premium, or if you’ve ever had a policy cancelled 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.
Property information:
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
- Detached structures are on the property
- Renovation plans
- Type of heat
- Basement
- Special features
You will also be asked about how the home is financed, and if it is escrowed.
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 scheduled on your policy. Scheduling items ensures you receive the full appraised value (you may need to provide appraisal) without being subject to your deductible.
Special exposures:
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 any 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 policies.
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 policyholders existing coverages.
Flood insurance: covers damages in your home caused from flooding (which is not covered by home insurance).
Life insurance: Provides financial protection to your family if you were to die.
Pet insurance: Covers certain medical expenses for your pets
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.
For more helpful tips to consider when choosing an insurance carrier, check out this article: What to Look For when Selecting an Insurance Agency or Company.
