What is a Homeowners Quote?

Submitted by BlockInsurance on Mon, 08/10/2020 - 19:56

If you've purchased home insurance in the past, you know it's not always cheap. In fact, the average homeowners insurance rate in the U.S. was $1,211 per year, as of 2017. 

BUT you do not have to settle for an expensive rate. You can find a great deal on homeowners insurance by getting multiple quotes and comparing them. (With Block, you can get multiple quotes in one place!)

Here is some helpful tips on how quotes work, how to get one and how to compare them!


What is a home insurance policy?

A homeowners insurance policy is a contract between you and your insurance provider that guarantees coverage for your home. You agree to pay the premium and in return, the insurer promises to reimburse you for certain covered issues. 

This policy protects your home from covered perils, which are sudden or accidental events that cause damage. Some common examples are fire, wind damage, and theft. Here are the coverages you'll find with any standard policy:

  • Dwelling - covers the exterior and physical structure of your home.
  • Personal Property - covers all of your and your family's personal belongings inside and outside the home. 
  • Liability - covers your legal fees if you accidently damage someone's property or someone injures themselves in your home. 
  • Medical Payments - if a guest is hurt on your property, this covers their medical fees, regardless of who was at fault. 

{Some insurance policies can have additional coverage options beyond these you can add for more protection}


Where do you get an insurance quote?

It's actually quite simple!

  • Online Quotes: Just click the Get A Quote button at the top of the screen. Fill out your into and let us do the rest! 
  • Contact an Agent: Give Block a call or even swing by any of our three offices. Since we are an independent agency, we can offer you multiple quotes from our different carriers so you can be sure that you are getting the best coverage for the best rate!

When getting a quote you will need to provide some information about yourself including your name, birthday, marital status, employment and social security number. 

Next, we will need info about your home, including the address, year it was built, when you purchased it, any renovations that have been made and what materials the home was built with. 

This covers the basics of getting a home insurance quote.

{However, if you live in a flood zone, you'll want to consider flood insurance.}


How are home insurance rates determined?

  • Where you live - rates vary by state
  • Your age - younger homeowners may pay more
  • Your martial status - married homeowners often pay less than single homeowners
  • Your claims history - if you have a history of claims, expect to pay a higher premium
  • Your credit score - lower the credit score, the higher the premium
  • The size of your home - square footage will impact your rate
  • When the home was built - older homes are typically less expensive to insure
  • Materials used to build the home - cheaper materials mean a lower rate
  • Recent renovations - recent renovations or replaced roof can affect your premium

What will be in my insurance policy?

When you purchase a homeowners policy, you'll receive documents that list everything in your policy. The most important information can be found on the first page, called the declartions page.

This page has information like: 

  • Policy Number
  • Home Address
  • Homeowner's Name
  • Type of Policy
  • Types of Coverage, Limits, and Deductibles
  • Endorsements
  • Policy Start and End Date
  • Annual Premium

This page is your go-to when you have questions about what your policy covers or you can always give your agent a call!

{Plus, at Block you will also receive a Welcome Kit with some sweet Block merch!}


Too long, didn't read?

Owning a home is a big responsibility, and you need to have homeowners insurance to protect your investment. Before you sign a policy, make sure you have enough coverage to protect your home and personal belongings against potential losses.

Getting a home insurance policy is simple - just make BLOCK your first call. 

 

As always, the more you know about your coverage, the better off you are!


https://www.nerdwallet.com/blog/insurance/home-insurance-quotes/#:~:text=A%20homeowners%20insurance%20quote%20is,a%20fire%20station%20is%20nearby. // https://cover.com/blog/homeowners-insurance/