Having your home insured is one of the necessities a homeowner has. Unexpected events can happen anytime, and sometimes, on days you least expect. Thus, it is important to be prepared and protected whenever. This is what insurance offers you. When unfortunate events happen, you are provided with compensation from the premium you pay according to the arrangements you have agreed upon on the insurance policy you have selected. This protection covers the structure of your whole house and its contents of potential losses.
The damages that your house may incur may result from the following:
- Fire and Lightning
- Typhoon and Flood
- Earthquake Shock and Earthquake Fire
- Riots, Strikes, Vandalism, and Malicious Damage
- Overflowing or Bursting of Pipes, Water Tanks, and Fitting
- Sprinkler Leaks
- Volcanic Eruption
- Smoke Damage, Vehicular Impact, Falling aircraft, and Explosion
- Burglary or Housebreaking
…and more.
With this, you have to choose the right home insurance policy that is right for you, your family, and your home. This is not as easy as you may think. Once you choose a home insurance policy, you are likely to abide by it for years; the shortest being one year. This emphasizes that learning more about home insurance quotes is one of your responsibilities as a homeowner who is interested in availing an insurance policy. However, it is normal if you do not know much about it yet.
Not everyone knows their way around home insurance at the start of having an interest in it. More often than not, people only learn about it before they start choosing the most effective home insurance policy for them. One of the most important things you need to know is how to understand and compare home insurance quotes. Before you settle on the insurance policy coverage you have chosen, you must first ask yourself: “Am I getting a good price for this?” Although the price is not the only important matter under home insurance quotes, you also have to make sure that the policy you avail meets your needs once a disaster happens.
Here’s what you need to know:
Contents
Home Insurance Quote: What it is
A homeowner/home insurance quote is the estimate of the price you will be paying for a home insurance policy. This is provided by an insurance company or agent. However, surprisingly, in this day and age, you can already get an online quote for home insurance.
Factors that Influence A Home Insurance Quote
There is different information about your home that affects the home insurance quote you will be getting such as in what neighborhood your house is located at, a fire station is nearby or not, and the size of your home. When you get a home insurance quote from an office, they may require you to identify your birth date, the address of the home, and your social security number. It is mainly what your requested coverages and limits are that determine the price of your home insurance policy. Nonetheless, it is important that the insurance company knows the answer to these questions:
- What are the specific details about your house?
This typically includes the year it was built, its exterior finish, the roof, the style of the home, having a garage, square footage, fireplace, number of rooms, and so much more falls under this question.
- Who resides in the house you want to insure?
There are various reasons why knowing who lives in your house is important. They may ask about marital status, running a business in the house, and the like.
- Do you have any pets?
Having a pet is one thing, but having a dog with a known aggressive breed can cost you a high home insurance quote. This is because having an aggressive dog may incur liability coverage when a neighbor or visitor sues you for having your dog bite them. Other than the cost of the complaint filed against you, you also have to pay for the medical expenses of the person who was bitten. This is why your home insurance quote is higher when you have an aggressive dog. Some insurance providers opt not to provide coverage for this.
- What are your credit score and your insurance history?
Some insurance providers ar1e not allowed to consider credit in providing a potential client’s home insurance quote. This is prohibited in some states. However, for those who can freely do so often offer a higher price for those with poor credit scores. Based on experience and study, those who have poor credit scores are the ones most likely to be filing claims. Moreover, those who have an insurance history of frequently filing for a claim may be deemed as a high-risk client. This means the insurance provider may impose a higher rate of premium for the individual.
- Do you have safety devices installed?
Having certain safety devices like smart home technology, security systems like cameras, and hazard aids like fire sprinklers can qualify you for a discount on your insurance.
- What are your valuable belongings?
You may need extra coverage when you own expensive items such as grand musical instruments, jewelry, antiques, and such.
- Do you have a wood-burning stove?
This kind of stove is considered a fire hazard. Insurers may consider this as a factor for increasing your needed coverage especially when it is not installed professionally or when it doesn’t meet the requirements that were set.
- Does your house have a feature where people may become prone to injury?
Owning a pool and a trampoline in your backyard can cause injuries and this leads to you being liable for these injuries and may need to pay for medical expenses.
Getting a Home Insurance Quote
There are different ways to get a homeowners insurance quote, and these can be through shopping online or by phone for home insurance quotes, working with an agent who is a representative of an insurance company, or you can also work with an insurance broker or an independent agent. You can choose to try all of these options. The more home insurance quotes you have, the better you can compare and evaluate which company would be best for your needs.
