Shopping for Homeowners Insurance
If you are buying a new home, you should start thinking about homeowners insurance before you find a house and being shopping for coverage as soon as you enter into a contract. Determine how much coverage you need. Buy enough coverage to replace your home if it’s destroyed. Talk to your i8nsurance agent to determine how much coverage you need. Get couple of quotes below.
Know your credit score
Companies may consider your credit score when deciding whether to sell you insurance and at what price. They cannot deny coverage or no renew a policy solely because of your credit score. Check your credit score at myfico.com
Gather information about the house
You will need to know the square footage, the number of bathrooms, the materials used to roof and exterior walls, the age and condition of the house, and the condition of decks, patios, garages. These are items that help determine how much you will pay for coverage.
Get a CLUE report
Most insurance companies use the Comprehensive Loss Underwriting exchange (CLUE). CLUE lists the property insurance claims history of individuals and houses regardless of ownership. Ask the home’s current owner for a copy of the CLUE report for the house. Some companies may deny coverage or charge more if a home has had certain types of damage, such as water damage, in the past.
Decide what coverages you need
Homeowner’s policies typically cover the house and outbuildings; personal property; additional living expenses if the home is damaged by a covered loss and unlivable during repairs: liability protection; and medical bills for people hurt on your property. Policies and level of coverage can vary by company, so get couple of quote below for the best deal.