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Homeowner's Insurance


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We are closing on a new home soon and need to get an insurance policy wrapped up this week. While this is an incredibly dull topic for such a fun forum I appreciate the opinions here and thought I'd ask for any suggestions, recommendations or experience with dealing with specific homeowner's insurance providers.

 

I've received several quotes online and they all seem to hover around the same annual rate. I just want to make sure I don't overlook any good advice before pulling the trigger.

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Only suggestion I have is make sure to check with whoever insures your car(s); you may get a bonus deduction for that which might be enough to tip the edge on the scale if they're all similar quotes you're getting. That's about the only suggestion I have.

 

Congrats on the upcoming purchase; where are you buying in DFW if you don't mind me asking?

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The only really major thing you need to do is read through and figure out what you're covered for, and what the conditions are. For example, there are sometimes some pretty strict rules for when you're covered for flooding, and if you don't know that they're in the policy, you could be in for a nasty surprise. The other big thing is limits on different types of things that you want to insure. Some policies have caps on things like books, collectibles, and electronics, so you might want to check and see if you have enough space to replace stuff.

 

Only other suggestion is to make sure that you have things documented. I know people who have had to recover from a major fire, and it's much easier if you have a concrete record of what you have to replace.

 

As for rates, I know I get a decent rate because my University Alumni association has a deal with one of the providers for a group discount. I gather this is a pretty common thing for a lot of schools, employers, etc, so see if there's anything you qualify for.

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I'd check with a local agent(s) as well. Comparing online is great, but sometimes a good old agent might offer up an option you might know of.

 

We recently got our car insurance cheaper online than through our agent, but our agent was able to suggest a smaller local home owners insurance company that we likely never would have discovered on our own. The rates were the better than our other quotes and the company has been around for quite a long time and has a good history.

 

We live on the coast, and after the hurricane in New Orleans many of the big companies actually pulled out the coverage for coastal customers in our state (Rhode Island) and our Insurer contacted us to assure us that their coverage would not change. So, you might have similar luck, can't hurt.

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