Getting an accurate home insurance quote requires providing your insurance agent or company with detailed information about you, your property, and your specific coverage needs. Having these key details ready can make the quoting process quick and efficient.
Here are the 10 most important pieces of information needed to obtain an accurate home insurance quote:
Information Needed for a Home Insurance Quote
1. Property Details
Insurers will need to know the specifics about the home being insured, including:
- Living square footage
- Type of dwelling (single family, condo, townhome, etc.)
- Construction materials (brick, wood frame, stucco, etc.)
- Number of stories
- Age of home
- Number of bedrooms and bathrooms
Providing details like these allows insurers to accurately evaluate the risk and value of your dwelling.
2. Use of Home
Insurers will ask how you use the property, such as:
- Primary residence
- Rental property
- Secondary/vacation home
- Home business (if any percentage is used for business)
Your premiums may vary based on whether it is owner-occupied or a rental.
3. Coverage Limits Desired
Decide the amount of dwelling and possessions coverage you need. The dwelling coverage should equal the cost to rebuild your home. Possessions limits depend on the value of your belongings. Liability coverage minimums often start at $100,000.
4. Deductible Preferences
The deductible is what you pay out-of-pocket per claim before insurance kicks in. Common options are $500, $1,000 or $2,500. Higher deductibles lower your premiums but increase your upfront costs per claim.
5. Claims History
Insurers will ask for any prior claims you’ve filed for home damage or loss, including dates, types of claims, and amounts paid. This provides your full claims history.
6. Security Features
Safety features like alarm systems, fire/smoke detectors, and sprinklers may qualify you for policy discounts. Let your insurer know about any such upgrades.
7. Mortgage Details
If you have a mortgage, your lender will need to be listed on the policy. Have details like the lender name, loan number, and unpaid balance handy.
8. Personal Details
This includes your full name, date of birth, marital status, occupation, and contact info. List all residents in the household. Certain factors like age and occupation can impact premiums.
9. Prior Insurance Details
Be ready to provide information on your current or previous home insurance carrier, policy types/limits, and premium amounts. Gaps in coverage may affect your quote.
10. Desired Policy Start Date
Let your insurer know when you need coverage to begin. Most policies activate the day after purchase, but you can request a future start date to coincide with a move or other event.
Preparing these details in advance helps streamline the quoting and application process. Being able to provide accurate information right away allows you to obtain precise home insurance cost estimates. Compare quotes from multiple providers to find the best rates and coverage for your needs.
Tips for an Efficient and Accurate Quote Process
Follow these tips for the most effective home insurance quoting experience:
- Have necessary documents ready – This includes details on prior policies, claims history, property renovations or upgrades, and financing records if applicable.
- Provide accurate and up-to-date information – An accurate quote depends on correct details about your property and policy needs. Avoid guesses or outdated info.
- Understand the coverage options – Know the types of perils, limits, deductibles, and add-ons available so you can customize your policy.
Frequently Asked Questions about Home Insurance Quotes
How much home insurance do I need?
Most experts recommend a policy equal to the rebuild cost of your home, including its structure and possessions. An agent can help determine adequate coverage limits.
Do you need home insurance when renting?
Renters still need insurance to cover belongings against theft, fire, water damage, and more. Landlords insure the structure only.
Do I need homeowner’s insurance if I own my own home?
Yes, homeowners insurance is essential to protect your dwelling and belongings. It also provides liability coverage in case someone is injured on your property.
Do I need home insurance before closing?
Lenders require proof of insurance to approve your mortgage and close on a home purchase. Shop for a policy as soon as your offer is accepted.
What insurance do I need to work from home?
A home business policy endorsement provides liability and property coverage for equipment, inventory, and any customer injuries that occur on the premises.