Home Insurance - Where to Start
August 16, 2008 by David
Picking the right insurer for your home can be a daunting task especially if you’re a new home buyer with no prior experience. There are so many providers out there with such a vast range of insurance packages, it’s difficult to tell which is the right plan just for you.
Fortunately the internet makes home insurance shopping much easier especially with sites like InsWeb for the US and Money for UK residents. InsWeb provides a free database which offers quotes from up to 8 insurers and the UK Money site provides up to 20. They are basically search engine comparison sites so you can access quotes from one location without having to hop from one insurance site to another.
There’s also an article on the CNN site under the money section which I recommend reading that discusses the top things to know about insurance. They even provide some other good articles worth reading pertaining to home ownership in general.
Insurance coverage and requirements also vary based on which state and country you live in. For example, I live in San Francisco which is very earthquake prone so an optional earthquake insurance option is available. Others who live in the mid-west are prone to hurricanes so their insurance will be more expensive. Regardless of your location, it’s always important to seek out and find at least 2-4 quotes before making your decision. Not only will you save money but you’ll also have peace of mind knowing that you didn’t just select the first insurance plan you came across. Good luck in your search!
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[...] I mentioned in my previous post about researching home insurance policies, using a search engine comparison site is the best way to compare and find deals catered [...]
This is great information. I’ve been shopping for home insurance and didn’t know where to start. thanks
Thanks - this is really great information. http://www.homegatedirect.com
It’s true, many people do not realize what information there is about home insurance or how important the right coverage is. Great info!
It is also important to start looking early, not just two days before your home purchase closing or renewal date. It can often take a while to get quotes from different companies and negotiate the best rates.
HometownRenter.com has the questions to ask yourself if it is better to rent or buy in your situation. Do you need the flexibility of renting? or can you afford to stay in your home for at least 5 years or longer?
* Can you afford a 20% down payment?
* Can you afford a monthly payment on a 30-year fixed mortgage?
* ask your CPA … Does the tax benefit of home ownership offset a potential decline in home value?
* Have you reduced other real estate debt before you add more on this home purchase?
* Does a fixed monthly mortgage payment for the next 15 years outweigh the likely inflation of rents during that same time (called an inflation hedge)
These are broad questions that can have many variations for each individual situation. However, it is a good foundation from which to start your home buying process.
If you are in the market for a rental, visit http://www.HometownRenter.com to find your next rental home!