My husband and I are buying a house. We are first time home buyers and have no idea what kind of policy to get for homeowners insurance. Any suggestions?
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For starters, you would want to call the agent that writes your Auto Insurance to get a quote for the homeowners policy. Most carriers now offer multi-policy discounts on both the home and auto policy. The discount can be significant. If you are happy with your agent and feel that the combined pricing is reasonable you are done.
On the other hand if you are not happy with your current agent or the pricing offered call other agents in your area but have them also quote both policies to avail yourself of the potential discounts. I prefer to work with an independent agent that has access to more than a single company.
I don’t think you need to six quotes. I would suggest going with the agent that takes the time to explain the coverages, the options available (there are lots), one that your comfortable with and offers a reasonably competitive price.
Buy the one with the most coverage levels with the lowest premiums from the most reputable company. Treat it like shopping for Auto Insurance or health insurance. At a minimum, get at least 6 different quotes.
Look, the "standard" homeowners policy comes with six basic coverages built into it. There are, oh, roughly 25 or so "endorsements" you can put on it, to specially modify it for your needs – custom tailor it.
You need to sit down with a local agent, who can explain the different parts, talk to you a little bit about your house and situation, and recommend WHICH of those endorsements are probably a good idea to add to your policy. This will VARY, depending on the age of the house, your hobbies, etc.
So use a local agent. Don’t "do it yourself".
There are standard form policies and broad form policies. Both have additional endorsements. You’d need an insurance license to understand the intricate details, so meet with someone who has one. The top homeowners companies in America are State Farm, Allstate, USAA and Farmers.
Keep in mind when insuring your property, you also need to protect what allows you to keep your property, your income. It’s a good idea to review your life and health insurance to be sure you’re covered in the event you can’t pay your mortgage. I’ve had far too many clients buy a home and worry so much about something happening to it only to lose it not by fire, but by the death of the breadwinner or the loss of job due to disability.