Home Insurance – Where to Start

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!

133 thoughts on “Home Insurance – Where to Start”

  1. Another great way to get a better deal on insurance is to find out who the previous owner is insured by. Since the insurance company already has the information, the new owner can often get a better deal.

  2. After 4 years of drought in Georgia, many of my clients discovered they were underprotected the hard way once the rain came back. The point of insurance is to protect you from the unpredictable. Your insurance agent needs enough experience to have lived through the droughts and the rainy seasons in order to best advise you. Many people purchase their policies based on what’s happening right now, but this should be looked at as a long term safety measure just as the purchase of your home should be looked at as a long term investment. Yet most people buy insurance from whoever their friend or realtor suggest. This is a great tool to assist those folks. Great job!

  3. It’s nice that you can shop for just about anything online now. It allows you to get multiple quotes in just seconds – can’t beat that.

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  5. Good information! I think people rarely shop for homeowners insurance, they just go with whoever is insuring the car. I agree with Lisa, it’s wonderful to do so much comparison shopping online!

  6. Good article. In Minnesota home buyers are only able to use the same insurance company as they do for their auto insurance. If you buy a home and need home owners insurance, you will either have to use who you use for your auto policy or switch your auto insurance provider to your home insurance provider. This is due to the fact that insurance companies loose so much money insuring Minnesota homes due to the whether here.

  7. I think it really depends on your area. If you actually own your own and aren’t really prone to much in the way of natural disasters, forget the insurance.

  8. Great post. Home insurance is a necessity these days. It can be hard to get a loan or financing for residential real estate from mortgage companies without it. A lot of times, they require the buyer to provide proof of coverage for the full or fair value of the property.

  9. This is very informative blog … i am a sales professional and looking for same kind of solution thanks for nice post David keep it up man.

  10. Thanks for taking time to discuss this. This is my first time i visit here. I found so many interesting stuff in your blog. I am looking forward some more information from your end, it�s really helpful for me. I will bookmark your site to check if you write more about in the future. Please keep up the good work.

  11. Very well written article must admit that its got good info that a layman would need

  12. Do you have the proper documentation to make your home owner insurance pay you for your losses? Insurance companies bank on you not remembering everything you own…it just means less they have to pay out.
    How do you get your insurance company to pay you what you are owed? You need to perform a Home Inventory. A Home Inventory includes a list of possessions you own, their value and typically a photo. If the need arises you would provide your Home Inventory Report to your insurance company so that they can provide you with the highest claim possible….after-all….you have been paying the high premiums.

    There are home inventory companies, such as AssetWatch, that can easily assist you with creating an inventory and storing it securely for easy retrieval.

  13. Absolutely informative. Every aspiring home buyer should first take into consideration insuring their home so as to protect their investment. To be able to find the most appropriate home insurance, it takes patience, much effort and sufficient research. Indeed, something that you exerted effort with would provide you with better gains sooner or later.

  14. Who would not want insurance for their real estate? having a home insurance is practically basic in every real estate. This is to safeguard the asset that had been bought. Most people in Southlake homes for sale would opt for an insurance that is expensive because they knew their homes would be totally insured if anything goes wrong.

  15. Nice article about searching for home insurance. I have found that home insurance policies and recommendations vary from agent to agent. Also be sure you know exactly what is being covered!

  16. The internet definitely helps to facilitate the process of obtaining home insurance and makes it so easy to comparison shop. It’s important to note that policy requirements vary depending on your particular geographical location.

  17. These are great links. Education for first time home buyers is one of our highest priorities when they contact us as well.

    Having a list of options available for first time home buyers specific to their region and needs is ideal. Having sites like INSWEB are very informative and helpful for our clients on our website as well.

    Thank you.

  18. The top three factors to choose your Insurance Company among the many reasons are the must be credible, offers comprehensive insurance programs and cares for you,dear investor.

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  20. When it comes to house insurance, I’d warn of caution. Make sure you disclose EVERYTHING you know about the property when you take out insurance, as the Insurance companies are well known for wriggling out of any claim on the pretense that you didn’t disclose everything to them

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