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The Quote Process

There are many different factors that go into determining your home insurance quote. While shopping for home insurance, it is important that you understand why these factors are important and how they affect your overall rate.

What to expect while speaking to an agent

To receive an accurate homeowners insurance quote, it is recommended that you speak with an agent over the phone who will assess your individual needs and help you understand all of the different coverage options. The quote process takes about 10 minutes and you should be prepared to answer some basic questions about your home.

While getting a quote, insurance agents will typically ask you about the following:

• Description of Your Home
• Geographical Location of Your Home
• Distance from the Nearest Fire Department and Hydrant
• Home Upgrades
• Total Square Footage
• Credit History & Insurance Score
• Security Devices and Alarm Systems
• Claims History & Prior Losses
• Type of Pets and Recreational Equipment

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Description of Your Home

The most important rating factors used to determine your home insurance rate are the basic details about your home, such as the age and condition of your home, how much your home is worth, and what construction materials were originally used to build it.

Geographical Location of Your Home

The geographical location of your home is one of the most important rating factors used because it gives insurers an idea of what type of weather-related damages could occur. If you live along the coast or in a flood plain, you may need to purchase a separate flood policy or have a special deductible for hurricane damage.

Distance from the Nearest Fire Dept.

Another very important rating factor used to determine your premium is your home's distance from the nearest fire department. Most insurance companies prefer your home to be located within 5 miles of your local fire department station and 1,000 feet from a fire hydrant. Also, insurance companies look at how your local fire department is rated, which measures how staffed and well-equipped they are.

Home Upgrades

While dealing with an agent, you can expect to be asked questions about the age and condition of your home's wiring and plumbing and any upgrades you have made recently. Upgrades to your home's wiring, plumbing, and heating systems may make your home a better risk to the insurance company if they improve your home's overall safety.

Security Devices and Alarm Systems

By having a home security device, alarm system, or smoke detectors installed, you may qualify for credits and discounts on your policy.

Prior Loss History

Your prior loss history and overall home insurance history are very important factors in determining your insurance rate. Insurance companies want to know if you have filed any claims in the last several years or if you have had a lapse in coverage.

Type of Pets and Recreational Equipment

When getting a quote, expect the agent to ask if you have any pets, swimming pools, or trampolines. Certain pets, especially large dogs, may increase your rate or prevent you from being eligible for coverage. Also, insurers are usually reluctant to insure homes that have trampolines in the yard, as this presents them with much more liability risk.

Paperwork You Should Have Ready

Before receiving your quote, it is recommended that you have a copy of your current homeowners policy declarations page. This document is typically the first page in your insurance policy paperwork and provides an overview of the policy, as well as the full name and address of the named insured, a basic description of the property, the dollar amount of the coverage limits, the name of the insurance company, and the total premium.

Also, if you have an umbrella policy, you will want to have that document available so that you can get an accurate comparison for the exact same coverage limits. Having these documents on hand while speaking with an agent will help determine which insurance plan is your best option.

What to Look Out For

When comparing homeowners insurance quotes, be sure that you are comparing quotes for the exact same coverages and benefits. Be careful not to confuse a market value policy with a replacement cost policy, as these are two completely different products. Remember: the market value of a home is the amount that the home is worth on the market today, while the replacement cost of the home is the amount of money it would cost to rebuild the home using the same quality construction materials but at today's cost.

Also, understand the difference between an all-risk policy and a named peril policy. An all-risk policy will protect your home from damage caused by all types of risk with a few specific exclusions, while a named peril policy covers only the specific types of damage that are listed.

If you can, avoid filing “small” claims for damages less than $3,500. Claims under this amount may actually cost you more in the long run because an insurance company can raise your rate for having multiple claims and could even cancel your policy. Choose higher deductibles to save money and prevent yourself from making smaller claims.

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