Information To Get Accurate Home Insurance Quotes

One of the best ways to get adequate home insurance coverage at affordable rates is to compare quotes from different providers. However, the comparison works best if you get accurate quotes. Below are some tips to help you get accurate quotes for comparison.

Provide Full and Accurate Information

Home insurance companies use the information you give them to determine your risk exposure. Your risk exposure determines your premiums. Provide accurate and full information to all the insurance companies for the best quote comparison.

Below are two factors that people don't know affect home insurance rates.

Property Use or Class

A residential house can be a primary residence, secondary residence, rental property, or vacation home. All these property classes or uses attract different risks and hence rates. For example, a vacation home that stays vacant most of the time faces a higher risk of damage than a primary residence occupied most of the time.

Household Size

Your household size determines the value of your personal belongings. That value determines how much your insurance company should compensate you in case of loss or damage to personal belongings. Therefore, getting a quote for a six-person household will yield different results from getting a quote for a four-person household.

Use the Same Customization

People have different insurance needs, financial muscles, and preferences. The differences mean that homeowners often customize their insurance policies. In fact, insurance professionals will advise you to customize your policy for the best coverage at affordable rates. Below are some things you can customize.

Deductible

The deductible is the out-of-pocket amount you pay before the carrier compensates you in case of a claim. Many insurance companies allow you to choose a deductible amount within limits. Use the same deductible when you seek insurance quotes.

Add-ons

Add-ons or riders provide you with coverage on top of the standard protection your policy provides. For example, you can add utility, inflation guard, or water backup coverage. Again, use the same riders for all quotes.

Limits

Many insurance policies specify minimum coverage but allow you to buy additional coverage, again, up to a limit. Use the same coverage limits with all carriers for the best rate comparison.

Consider the Discounts

Lastly, you should also compare the discounts you may get from each carrier. That way, you get the true rate that you can compare with other offers. Consider two insurance companies with a similar quote of $1,500 per year. If one company can give you a 5% multi-policy discount, its rate will effectively be lower than the second company's rates.

For more info about home insurance, contact a local company.