WHAT INFORMATION DOES YOUR INSURER NEED TO GIVE A HOMEOWNERS POLICY QUOTE?
When looking to insure your home, you’ll want to shop around for the best premium rates first. Ideally, you’ll ask for multiple quotes before picking your preferred insurer. You’ll also want to be prepared with the necessary answers and information to get a home insurance quote. Why do insurers ask all those questions?
For starters, every home is different, and homeowners insurance needs vary from property to property. When your insurance broker or agent offers you a form with questions to fill in, they’re looking for specifics that may help determine a reasonable premium rate for the amount of insurance you need. Your responses will help prospective insurers assess your risks and liabilities and give you a fair quote.
HOMEOWNERS POLICY: WHAT INFORMATION INSURERS SEEK (AND WHY)
Specific questions about homeowners policy differ from company to company. Typically, insurers will want to gather basic information about you, including your name, date of birth, SSN, and previous address. Where applicable, you’ll need to give your spouse’s or partner’s date of birth.
Some of the information needed for an insurance quote includes:
● Does your home have any outdoor structures that might increase risk? Features like a swimming pool or trampoline come with extra liabilities on your part, such as potential drowning accidents. This exposure can increase your premium and your insurer will need to incorporate it in your homeowners insurance quote.
● Does your home have security /safety systems that may lower your risk of accidents or theft? A home surveillance system, security devices, and fire or smoke detectors make your home safer and can lower your premium.
● Do you have dogs in your home, and have they ever attacked anyone? You can be sued for dog bites, so your insurer must know about this risk.
● What is your claims history? If you haven’t filed homeowners claims in the past, an insurer will likely treat you as a less risky client and will adjust your quote accordingly.
● What is the condition of your home, and are there any recent renovations? Any modifications or upgrades to your house will impact the cost of replacing or rebuilding it if it’s damaged in a covered event like a fire or natural disaster. For instance, a modern slate roof will cost more to replace than traditional shingles. Your insurer needs to know about any such improvements that occur after obtaining your policy.
ASK QUESTIONS ABOUT HOMEOWNERS POLICY
Don’t’ just provide answers. It’s your right to know what your homeowners policy will cover and what’s excluded. Be sure to ask your insurance agent or broker as many questions as necessary to help you fully understand your policy. Also, remember to carefully scrutinize your homeowners policy paperwork. Having an accurate grasp of the protections your policy provides can save you money or even prevent serious problems in the future.
The above is some of the information needed for an insurance quote. You might still need to speak to an agent in person or on the phone to get more answers or provide more information about your coverage needs. To learn more about getting a homeowners insurance policy, contact the experts at CF&P Insurance Brokers today at (925) 956-7700.