Order Homeowners' Insurance
To shop for some insurance quotes, start your search online at InsWeb and Netquote. If you currently have car or renter’s insurance, you can discuss your options with your existing provider. The goal is to get at least three quotes from three different companies, just as you did when shopping for a mortgage. It might help to have the MLS listing sheet handy so that you can accurately identify various property features on your quote.
Four Questions to Ask When Getting Quotes
Do I qualify for discounts?
Almost everyone does, but hardly anyone asks for them. We’re not going to let that happen to you, so one of the first things you are going to do is find out what kind of discounts are available and point out whether you qualify for any of them:
- Deadbolt locks and fire-safe window grates
- Home is located near a fire station or hydrant
- Wind-resistant shutters
- You are 55 years old and retired
- A long-time policyholder
- Burglar and fire alarms that alert an outside service
- Multiple policies (ie. car or life insurance with the same company)
How does your claims procedure work?
And on average, how long does it take you to process a claim? An inexpensive policy has no value if getting money for damages is a painful, obstacle-filled process (and many of them are). You want to see evidence of reasonable, straight-forward, and fast handling of claims.
What’s your credit rating?
Hurricane Katrina nearly bankrupted several insurers (the industry paid over $50 billion to cover losses from that storm). For that reason, it’s wise to look at the financial ratings of your home insurer. You can research this independently at A. M. Best, Moody’s, or Standard & Poor’s.
Can you match or beat this quote?
Once you think you have a winner, ask the two “losing” companies whether they can match or beat it.