Homeowners Insurance Quotes
When it comes to homeowners insurance quotes there are many standards and there are just as many variables, which is why it is important to shop around for multiple quotes. By comparing various quotes you can be sure you are getting the best coverage for the least cost for your home. Review the standards and variables below, so you understand what you the quotes you receive are based on.
Standards in Homeowners Insurance Quotes
There are several common types of coverage that are universal when it comes to homeowners insurance. The types of homeowners insurance varies from basic to all-inclusive and can also be written for condo owners and renters as well as for the homeowner. Your quote should tell you what type of coverage you are being quoted and then specify the inclusions and exclusions.
The types of coverage that are offered by insurance companies have been standardized by ISO and so they should not be different at all. The difference will come into play with any additions or exclusions to the policy as well as in the costs of your policy.
Your basic quote should cover the physical structure of your home as well as some personal property and minimum liability. The standardized policies are HO1 (Basic homeowner policy), HO2 (Broad Homeowner Policy), HO3 (All Risk Homeowner Policy), HO4 (Renters Insurance), HO5 (Comprehensive), HO6 (Condominium Policy), and HO8 (Provision for Older Houses).
Variables in Homeowners Insurance Quotes
Where the homeowners insurance quotes vary is when the coverage being quoted is modified. Typically, this is done either through exclusions to a policy or by adding extra coverage. Your homeowners insurance quotes can also differ in price based on premiums quoted, deductibles offered, and discounts honored.
Exclusions to a policy can happen if, for example, you live in a flood zone and the standard policy being quoted only covers non-flood zones. Another exclusion that may affect an insurance policy, which comes as a surprise to many people, is pet related. If you have a high risk pet such as a breed of dog that is known to be dangerous, your insurance may include several exclusions that you need to read and be aware. Usually, you can then purchase additional coverage for potential damages caused by an attack from your dog.
In addition to adding high risk pets to your home insurance policy, you may also find a need to include amenities that are not commonly part of a standard insurance policy. These may include swimming pools or other bodies and sources of water such as hot tubs. Any potential increased risk from your home will most likely raise the rate on your homeowners insurance policy.
To reduce your homeowners insurance cost, play around with different deductibles to see how much you can reduce your premium. Also find out what kinds of discounts are available. The most common discounts include a multi-policy discount and security discounts. If you have your vehicle(s) insured with the same carrier as your house, you will most likely get a discount on both your homeowners insurance and your car insurance for having multiple policies with that insurance provider.
Security discounts are also available for a variety of features. Find out what kind of discounts are honored by your insurance carrier. Some home insurance providers offer discounts just for installing deadbolts on all of the entry doors. Most insurance companies offer a discount for a burglar security system that is monitored by a third party. Greater discounts can also apply for smoke detectors that are hooked up to the fire department directly through your security system.
Requesting Free Homeowners Insurance Quotes Online
When you are requesting homeowners insurance quotes, it is a good idea to have some basic information handy. This includes the age of the house, the physical address of the house, the size of the house, and the type of house it is. This will allow for a more accurate quote.
While it is important to compare quotes that are equal in nature, it is also a good idea to get quotes with varying degrees from the same providers. For instance, request quotes for at least two different deductibles. Also, get three quotes for HO1 from three insurance companies and then get quotes for HO2 and HO3 from the same three insurance companies. Sometimes you can save a lot of money just by changing the type of coverage or you may be surprised to learn that you can get a whole lot more coverage for only a small increase in premiums.
While there is not a lot of play in the standard homeowners insurance policies, a lot of variables can come into play on an individual basis. Any high-risk situation will increase your rate and most risk reductions will help reduce your premium. Arm yourself with all of the information you have about your home and then get multiple quotes quickly to start saving money right away. It is easy to request quotes online by simply using the free quote tool provided, and you can start now!