I am a first-time homebuyer, so I have no experience whatsoever in this. Also, what companies are more likely to give better quotes? I’m just looking forward to get basic coverage. Thanks.

 

  • mbrcatz 10:02 pm on September 5, 2010

    "Basic coverage" is like "clothes". It’s so generic it means almost nothing. And come claim time, if you have a standard, unendorsed HO3 form, you’ll probably be VERY unhappy to learn what coverage you do NOT have.

    So take the time to sit down with an agent, and ask for their coverage recommendations.

    As to what you need, here’s a partial list:

    your name, date of birth, social security number (for the credit check)

    the exact address of the house

    the cost to rebuild the house. If you don’t have it, the agent can calculate it from the square footage of the house, and all the options

    The distance from a fire hydrant and fire station (rough distance)

    the age the house was built. The age of the roof, wiring, hot water heater, furnace. If there are any "other structures" like a pool.

    The TYPE of wiring. the TYPE of roof. The type of construction (brick? stone? frame?)

    As far as great quotes, I’m really fond of Erie and USAA. Travelers does a great job, too. But you might not be able to GET one of those policies in your state. Not all companies write in all states.

    So you need to talk to one – or more – local agents, to get quotes.

  • Landlord 10:02 pm on September 5, 2010

    They will need the exact address and the value. They will look your flood zones up themselves.

    I use State Farm, I reallly like them, great customer service.

  • rcdrury 10:02 pm on September 5, 2010

    So, if you admittedly have no useful knowledge in this area, what makes you think that anonymous tips on the internet are going to help you? Consult with a local independent agent who can advise you on your needs and shop the market for you. Price may be important, but it is definitely NOT the most important issue. Insurance that doesn’t meet your needs is worse than no insurance at all. Most homeowners don’t learn this until their first claim. Online sources will only "lowball" you; you’ll either end up paying more than you expect, have inferior coverage, or both.

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