Insurance - how to shop for homeowners insurance?
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Wyogirl
05-21-05, 02:32 PM
Hi,
my husband and I are in the process of buying our first house. We have a contract to buy, and will close in a few weeks. So, now I need to get some homeowners insurance, but I don't know how to shop for it. I've called a local insurance office and got a quote, but I don't really know if its a good deal or not...
So, what do you have to watch for when your buying insurance? How much coverage do I need for liability, etc. The purchase price of the house is 159,900.00 and it is not in a flood zone. Should replacement value be more than the purchase price?
My fear is that I will pay for insurance, and then when I need it, some agent will say "oh, well, you aren't covered for that" because I just don't know what I'm doing!
My sister-in-law gets her insurance through some company I've never heard of that she found on the internet...that seems kind of scary to me...but I also don't want to pay more for something if I don't have too!
Also, my husband thinks we should buy that Home Warrenty insurnace - coverage that will pay to replace your water heater or furnace or some other major home repair in the first year of ownership. I'm not sure about it...I would appreciate any opinions.
Thanks for your help!!!
Wyogirl
my husband and I are in the process of buying our first house. We have a contract to buy, and will close in a few weeks. So, now I need to get some homeowners insurance, but I don't know how to shop for it. I've called a local insurance office and got a quote, but I don't really know if its a good deal or not...
So, what do you have to watch for when your buying insurance? How much coverage do I need for liability, etc. The purchase price of the house is 159,900.00 and it is not in a flood zone. Should replacement value be more than the purchase price?
My fear is that I will pay for insurance, and then when I need it, some agent will say "oh, well, you aren't covered for that" because I just don't know what I'm doing!
My sister-in-law gets her insurance through some company I've never heard of that she found on the internet...that seems kind of scary to me...but I also don't want to pay more for something if I don't have too!
Also, my husband thinks we should buy that Home Warrenty insurnace - coverage that will pay to replace your water heater or furnace or some other major home repair in the first year of ownership. I'm not sure about it...I would appreciate any opinions.
Thanks for your help!!!
Wyogirl
Slidell
05-21-05, 07:10 PM
Not an insurance expert (do have license though). From MY personal experience avoid places such as " Miller's Insurance Agency" etc etc etc get some qoutes from the big guys. StateFarm, Farm Bureau, Allstate etc. you will be able to compare their quotes. Your realestate agent if using one and if they are good should be able to guide you through this process and even recommend an agent. Usually those smaller agency's cost much more because they simply get the buisness in the door and the actuall policy is issued by some out of state comp never heard of before etc etc and you will have a hard time with a claim should one ever come up. There should be some site or office you can call with your states insurance commissioner about info on any "suspect" insurance company.
HomeWarranty-- had one with current house ONLY because the seller paid for it. They from my exp and friends etc are worthless. They are only required to make what ever is broke work... thats it. homewarrany companys almost always use some little guy handyman that has the license to do work but could care less about his work. If your air goes out you will get a guy who usually repairs toasters come out instead for that professional company in the yellow pages. Homewarranty's are so bad the better professionals will not even take their clients because they are so cheap cheap cheap..
oh, yeah you can always switch insurance comps too! so if you pick one and theyare not what you thought later or heard bad stuff YOU CAN move to another company.... also who do you have car insurance with? the larger companies I mentioned above usually give discounts if you have auto and home with them..
HomeWarranty-- had one with current house ONLY because the seller paid for it. They from my exp and friends etc are worthless. They are only required to make what ever is broke work... thats it. homewarrany companys almost always use some little guy handyman that has the license to do work but could care less about his work. If your air goes out you will get a guy who usually repairs toasters come out instead for that professional company in the yellow pages. Homewarranty's are so bad the better professionals will not even take their clients because they are so cheap cheap cheap..
oh, yeah you can always switch insurance comps too! so if you pick one and theyare not what you thought later or heard bad stuff YOU CAN move to another company.... also who do you have car insurance with? the larger companies I mentioned above usually give discounts if you have auto and home with them..