Compare Home Insurance Quotes

By comparing quotes, you can determine which provider offers the most affordable coverage in relation to what the policy covers. Two policies may cover flood damage, for example. However, one may be more comprehensive because it covers both damage from natural floods and a burst pipe, while the other only covers one or the other. How much more — if anything — are you willing to pay for the more comprehensive coverage?

Comparing quotes on earthquake and flood insurance is important. A lot of people will just accept the earthquake insurance that is offered through their homeowners insurance carrier, but for cost and coverage wise that usually isn’t the best idea. It is best to shop around outside of your home insurance carrier or get with a broker who can quote you many different companies at once so that you save time and money.

Flood insurance is something most people spend way too much money on. They default to having the National Flood Insurance Program, which is a lot more expensive than private insurance carriers. Savings can be up to 70% a year when people switch from a public to a private carrier for flood insurance.

Every company rates differently for endorsements such as earthquake insurance and other expensive endorsements, which can vary between insurance companies. However, flood insurance is a nationally underwritten program separate from property and casualty insurance. Flood insurance rates shouldn't vary from agent to agent given the same input data because of it being a National Flood Insurance Program, and rates aren't special for any insurance carrier or agent. An agent can be beneficial in making sure that your property is appropriately classified to ensure the most cost-effective coverage you can get as a consumer.

Look at what each coverage includes. With some, you may be paying for coverage you may not need. For example, do you need earthquake coverage if you live in, say, North Dakota, which has one of the country's lowest earthquake risks? Plans that bundle coverage may be cheaper overall in relation to what's covered. However, you may end up paying for coverage that you don't need due to the chances of it damaging your home being relatively low risk.

Cost is important, but it shouldn't be how you shop for insurance, especially homeowners insurance. Your home is usually your biggest asset, and you want it insured properly. Insurance should be shopped for by coverage, company and price. Coverage is not something to cheap out on. If you lose your house to a fire, the whole house and everything inside it is destroyed, so having adequate good coverage is essential.

Shopping by company is also important. You want to make sure that the company is backed by reinsurance and it has a good rating. Your state department of insurance does have statistics on insurance companies and how many complaints they receive. A lot of complaints usually means a lot of claim denials.

Yes, definitely look beyond the cost, and don't take the first thing a website offers you, because agents can usually find additional discounts to apply. The cheapest is not always the best option if you want a high-quality product. With that said, price is usually second or third on the list of priorities. Claims paid and claims denied by an insurance carrier are important to consider because this is how the consumer will be taken care of when they need to "cash in" on their insurance and file a claim. At the end of the day, the consumer needs to ask themselves if they have to file a claim and it gets denied, does it really matter that you saved so much money?

It's good to update your insurance when you retire. Homes of retirees are deemed to be of lower risk since homeowners are home more often and are more likely to spot troubles, such as signs of a fire. Burglars are also less likely to break in since the home is occupied all the time.

Unbeknownst to most homeowners, you will have to disclose whether you're a smoker when applying for home insurance. Smokers are riskier to insure because smoking increases the risk of fire. If you've kicked the habit for good, inform your insurer for a possible reduced premium.

Making an inventory check and shooting a video of it with your cell phone is always a good idea. Doing this at least once per year will help you immensely if there is ever a serious claim and all the insurance adjuster can see is ashes. Any significant purchases and renovations you make is always a good time to inquire with your insurance agent or broker. Getting married or any life or financial change is also a good time to call.

The most common situation has to do with the contents of your home. Most of us do not have a list of belongings, receipts or even pictures of what we had prior to the loss. That is because most of us do not have mountains of spare time to categorize a lifetime of accumulation. One way to satisfy this at a very minimum level is to take a picture of each room in your home. Alternately, some do a video of walking through the entire home. For items that are special or might need some extra information, pay special attention to high-value items. Most importantly, store this information in a safe digital space like a cloud account that will not be destroyed along with the property in the event of a loss.

I would suggest that you make sure that you have at least the coverage that your bank or credit union requires. Consider an umbrella policy for liability that would extend to your house and vehicles. Balance the deductible limits with your cash reserves. Please remember that you can adjust the policy every year. Plus, talk to more than one insurance company and use the Internet for price comparisons, but talk to people.

Most of the regulations in the state have to do with the mortgage. You need to consider the replacement cost of the house plus the contents.

In every state, an insurance company cannot "give you a break" and cover something that's not covered by the contract no matter how long you've been a customer and no matter how much money you spend with them. This is a very common misconception with clients. Insurance companies are audited by each state's department of insurance (DOI). When there is a DOI audit, the state is looking to ensure an insurance company is following the rules. If a company has a pattern of "giving someone a break," it is a form of illegal discrimination. If a claim is supposed to be paid, it has to be paid for everyone. If a claim is not supposed to be paid, it can't be paid for anyone.

This list might be helpful:

• Flood region
• Hazards, especially an oil tank leak
• Water and sewer pipes
• Storm/hurricane damage
• Frozen pipes/roof leaks
• Lead paint
• Septic system

Not everything is required, but I can say from experience that an oil leak is well over $5,000 to clean-up and fix.

When it comes to wind coverage in Florida, coverage is either provided or not, but the premium charged and the deductibles offered are only part of the story. Where your home is located, when it was built and how it was built will have a huge influence on whether you can get wind coverage at all, so comparing premiums might not even be part of the discussion. Also, there is only one source of coverage for the vast majority of flood insurance policies: the federal government's plan called the National Flood Insurance Program (NFIP). A handful of companies offer their own flood insurance, but you have to buy it combined with their home insurance policy, and coverage is only offered if you are in a "low risk" flood zone.