If you are shopping around for a new insurance policy, it is essential to know what information you need. For home insurance, you will need detailed information about yourself and the home to get accurate quotes.
Square Footage
First, they are going to want to know about the size of your home. You are going to want to provide the overall square footage of your home. If you have an outside patio or deck, let them know how large that is. If you have an unfinished basement or attic, be sure to provide the square footage of all the unfinished space. The size of your home will impact your premium; you want to ensure it is accurate.
Age & Condition
Second, they are going to want to know about the age and condition of your home. You need to know what year your home was built. If your home underwent any remodeling since it was built, you need to know when that happened. If you are not the original owner, you can look this information up with the building and licenses department where your home is located. You are also going to want to let the insurance company know about any upgrades you have made to the home as well. Newer systems, such as a newer electrical system, increase the overall safety of your home and can help keep your insurance rates under control.
Surrounding Environment
Where your home is located matters. You should know if you have a fire hydrant or fire station nearby and how close the local police station is. The insurance company can look up things, such as crime rates, so you don't need to provide that information.
Personal Belongings
One component of homeowner's insurance is coverage for your personal belongings. You will need to have a rough idea of how much of your personal belongings are worth. You can get coverage that will pay for the value of the items right now or the cost to replace the items.
You need to know if you have any big-ticket items, as they may need additional coverage added to your policy.
Home Value
It is essential to know the worth of your home. You need to have an idea of what it would cost to rebuild your home so that you can choose the right replacement value for your home. That will require a little research into the local building market.
Claims History
The insurance company is going to want to know if you have ever filed a renter or homeowner's insurance claim on this or any other property you have lived in. It is best to be honest about this, as they can look up and verify the information later when they underwrite your policy. Be honest about any claims you have filed. If you have a history of filing a lot of claims, you may face a higher premium.
Special Features
You need to disclose any special features of your home, such as a trampoline or swimming pool. These can add to the liability risk of your home and can increase your premium.
Before you start shopping around for a better rate, you will want to gather all of this information. By providing the most accurate information, you will get the most accurate quotes, allowing you to choose the best insurance company to meet your coverage and financial needs.
Share30 September 2021
