What to expect when you’re in the market for homeowners insurance
By Terria Gallagher
If you are a first time homebuyer or simply shopping the market for homeowners insurance, you may be asking yourself, what information should I have to obtain the most accurate quote?
For the most accurate quote, the more precise and correct information you, the homeowner, can provide, the better. Here are some of the most often pieces of information asked for:
Year built
Square Footage
Substructure (basement, crawl space or slab)
Updates - Roofing, Wiring, Heating, Plumbing
Detached Garage or outbuildings
Do you have a Pool, trampoline, hot tub
Deductible amount - Must be an amount you’re comfortable with
Do you have a mortgage?
Have there been any claims in the last 5 years?
Do you have fine arts, jewelry or collectibles?
Your agent will then plug in this information to not only configure the replacement cost of your home, but also make sure there is additional coverages for any of the specialty items listed above. For additional savings, your agent may ask if he/she can quote your auto insurance. This will give you a multi-policy discount. Once your proposal is complete, your agent will contact you to schedule a time to review the proposal and answer any questions you may have.
After the review of the proposal, an effective date for the policy will need to be determined. If you are buying the home, often times the closing date and the effective date will need to be the same. You will then be asked to sign the application. The agent will collect the premium either from you or your mortgage company if you are escrowing your insurance into your monthly mortgage payment. The policy will then be issued, you will receive a full copy of the policy and if applicable, your mortgagee will receive a copy. Once you receive your copy, review the policy for accuracy and contact your agent to make any changes.
Are you ready to purchase homeowners insurance? Contact our team today at 800-832-4689 or complete our Contact Us form. We would love to help you.
About Terria Gallagher
Cubs Fan, Wife, Mother and Grandmother and Insurance Agent
Direct Phone - 913-754-3835 tgallagher@maxinsurance.com
Terria has 17 years of experience in the insurance industry. When not working, she enjoys tailgating and attending Indiana University Football games and in the winter, Indiana University Basketball games. Terria also loves spending time with her 2 sons, 1 daughter and granddaughters. She has 3 fur babies (dogs) that keep her hopping. Terria also enjoys working in the yard and refurbishing furniture. Her favorite vacations are anywhere with a beach.