Obtaining a Homeowner's Insurance Estimate

As with many other services the first thing you should do when purchasing homeowner’s insurance for your house is to simply shop around and compare prices. Most experts advise you to obtain at least 3 quotes from 3 different companies before making a decision, and also to take out homeowner’s insurance as soon as you have an offer accepted on a house, rather than leaving it until later.

It is easy to shop around and compare quotes simply by picking up the phone; you can also compare premiums and policies online. Some websites will compare quotes for you so you don’t have to keep entering your information – myquoteguide.com, for example. Your mortgage company may recommend an insurance company although you aren’t required to use them.

Consider not only the amount of your monthly payment but exactly the amount of coverage you are receiving as well. The amount of your deductible is also something to consider when shopping around for homeowner’s insurance – the average deductible that homeowners pay is around $250.

Your homeowner’s policy covers your home as well as the basic contents such as furniture and fittings. Most standard homeowner’s insurance policies don’t include coverage for such luxurious and expensive items as jewelry, works of art or antiques. If you want these covered, you may have to take out a separate policy, sometimes known as a “rider”

While it is important to be adequately covered, don’t be persuaded to take out more homeowners insurance than you actually need – for example, exclude the value of your land when reckoning the value of your house. Many people actually make higher payments every month than they need to because they reckoned in the land value as well – something the insurance companies are not usually quick to alert you to.

Finally, ask for discounts when obtaining estimates. You may be eligible for discounts if you have smoke detectors, burglar alarms, dead-bolt locks and other anti-theft or safety devices. You usually also get a discount if you have your homeowner’s and auto insurance on the same policy.