If you’re getting close to closing on your new house, you probably have a checklist a mile long to get done. Depending on where you are on the home buying timeline, not only do you have to schedule an inspection and final walk-through, but you also have to prepare proof of home insurance before closing day. If you haven’t even started on that last one, that’s okay. It doesn’t take long to sign up for insurance once you choose the company you’re going to go with. Of course, that’s often the hardest part, since there are so many companies to choose from! Before you start worrying about how you’re going to complete this task, take a look at our tips on how to shop for home insurance.
1. Get an Idea of the Coverage You Need
Before you figure out how to shop for home insurance, you should be familiar with the type of coverage you’re looking for. Otherwise, there’s going to be an awkward silence when the insurance agent asks what kind of home insurance you need a price quote for! The following are the most common types of coverage you’ll want to include in a policy for your home:
Dwelling: This is the most basic coverage you can get, as it will pay to replace or fix the structure of your house if it’s damaged by a storm, fire, or other catastrophic event.
Other structures: If you have any structures on your property that aren’t connected to your house, this coverage will apply to them. This might include a barn, shed, gazebo, or detached garage.
Personal property: This coverage will pay to replace your personal belongings if they’re stolen from your house or damaged due to a storm, fire, etc.
Medical payments: This part of your home insurance policy will pay for the medical bills if a guest is injured on your property. Without this coverage, you’d be expected to pay for those bills out of pocket.
Personal liability: This coverage will pay your legal expenses if someone brings a lawsuit against you after being injured at your house.
Loss of use: Another coverage to look into is loss of use, which pays for your living expenses—such as a hotel room and meals out—as your house gets rebuilt or fixed after it’s been destroyed.
You can also add on coverage for specific issues that could happen to your house, such as earthquakes, floods, landslides, and sewer backup. Additionally, if you have some expensive items in your home that you want to protect—such as jewelry or artwork—you can pay for more coverage to ensure you have enough to replace them if they’re damaged or stolen. And now that you have some idea of the types of coverage you should get, you can learn how to shop for home insurance with confidence!
2. Check with Your Current Insurance Company
Even if you’re a first-time home buyer, you’re likely no stranger to insurance as a whole. Surely you have some type of insurance policy already, such as renter’s insurance or car insurance. If so, you’re off to a great start because that means you may be eligible to combine your car insurance and home insurance policies!
So, why is this exciting? Well, not only does it simplify your life to stick with a company you already know, but you might also get a bundle deal, which will save you money on insurance. This is why your first stop on your journey to getting home insurance should be to check with your current insurer so you can at least get a price quote that you can compare to other companies.
Granted, all of this is assuming you’re happy with your insurer. This means you feel you got a good deal on your insurance premium, and you’ve gotten great customer service any time you made a claim or had a question. Not exactly the case? Then it’s time to look at other insurance companies. There are too many great ones to stick with one you don’t love and doesn’t appreciate your business! Fortunately, you’re learning how to shop for home insurance—and get quotes from several companies—here. So read on to find out the next step in this process.
3. Get Help from a Broker
One of the little-known tips on how to shop for home insurance is to reach out to experts who can help. And when you’re buying a house, you happen to have access to a few! Just one example is the broker who is helping you with the home buying process. After all, brokers spend hours every day dealing with all the major and minor details of buying a home, so it makes sense that they’d be the most familiar with how to shop for home insurance!
When you ask your broker for recommendations on home insurance companies, he or she should give you the names and contact information for the best ones. Some brokers will even go one step farther and help collect the details that you’re looking for from the top companies. And the best part is that many brokers already have relationships with home insurance companies, so they know about the bundle offers and other deals that you might not be aware of when you’re shopping on your own!
4. Consider Reviews & Recommendations
If you’re ruling out your current insurer, you already know which company to avoid. And if you’ve asked a broker for help finding insurance companies, you might have a short list of some good options. But another way to find the best companies to check out is by asking friends and family who they recommend for home insurance. This should help you decide which ones to reach out to for rate quotes.
You can also look at company reviews online to get an idea of the best home insurance providers. You can check the Yelp, Google, and Facebook pages of each insurance company to see dozens or even hundreds of reviews that will help you decide which ones to contact. Pick the ones that have consistently great ratings and reviews in the last year, and add them to your list.
Once you have a list of at least five companies that offer the home insurance coverage you need, you can reach out to each one to get rate quotes, whether by phone or online. Be sure you specify which coverage you want for your home so you can get accurate quotes on your premium. While you don’t necessarily want to choose your insurer based on price alone, it’s pretty important that you’re able to afford the cost of your premium and deductible, so getting quotes will help with your decision.
Are you ready to get a quote for home insurance now? If so, feel free to reach out to LemonBrew Insurance for help. We shop the top insurance providers for you so you save valuable time and money! From home insurance to business insurance, we’ve got you covered and can even offer bundles that can help you save even more. Contact us to learn more about what we offer and get a quote on home insurance today!