What Is a Home Insurance Quote?

Home Insurance Quotes Explained in Less Than 5 Minutes

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A home insurance quote is an estimate of the price you’ll pay for a homeowners policy. Insurance companies prepare quotes based on information you provide about the house you want to insure. If you request estimates from several insurers, you can compare coverages, discounts, and rates to get the best deal.

Fortunately, home insurance quotes are quick and easy to get. Learn more about the process as well as what to look for when comparing home insurance quotes.

What Is a Home Insurance Quote?

A home insurance quote is an estimate of the cost of a premium for a homeowners insurance policy. Insurers generate home insurance quotes using information provided by people who request estimates. A quote may not reflect a policy’s final rate.

Let’s say you’re shopping for insurance for a house you want to buy. You could go to the website of a home insurance company that offers online quotes, enter information about yourself and the house, and then receive a premium estimate.

Insurance companies can assess risk differently, each one using its own pricing model. So if you request quotes from several providers, you can expect to get different rates. Included coverages may also vary by carrier.

Conducting an apples-to-apples comparison of home insurance quotes from several insurers can ensure that you get the best coverage and rate.

Requesting a homeowners insurance quote is quick and easy, especially if you shop for coverage online. Getting several quotes allows you to take a deep dive into each carrier’s coverages, discounts, optional coverages, and premiums, enabling you to make an informed choice.

How Home Insurance Quotes Work

Getting a homeowners insurance quote is easier than ever before. Most major insurers offer free online quotes, and some also provide quotes over the phone or through a mobile app.

The online home insurance quote process varies by provider. Some carriers require you to enter information about your home, then send the quote via email. Others take your submitted information and pass it on to an insurance agent, who might contact you over the phone or by email.

Most major insurers offer free online quotes, which you can receive fairly quickly. After submitting your information, the quote will appear on the computer, smartphone, or tablet you’re using. Requesting a quote usually only takes a few minutes if you have the information you need on hand.

Information You Need for a Home Insurance Quote

Home insurance questionnaires vary by insurer. Some carriers request many details, while others only ask for basic information. Typically, providers ask for your name and age, the name and ages of any co-applicants, and the number of people living in your house.

Insurance companies also want to know if your home is currently insured and when that coverage started. They may inquire about past insurance claims and mortgage information. Some online quote systems ask you to estimate how much it would cost to rebuild your home, while others calculate that for you.

Next, you’ll disclose detailed information about your house, which may include its:

  • Age and construction type, like brick or frame
  • Location
  • Purchase date
  • Safety devices, such as fire and burglar alarm systems
  • Square footage
  • Number of floors and bathrooms
  • Special features like a fireplace, deck, garage, or swimming pool
  • Type and age of roof
  • Types of air conditioning and heating systems
  • Type of foundation

Reviewing a Home Insurance Quote

The way quotes are formatted and their details will vary by insurer, but quotes will include the policy deductible and coverage levels for standard coverages. This can include:

  • Dwelling coverage
  • Other structures coverage
  • Living expenses
  • Personal property coverage
  • Guest medical coverage
  • Liability coverage

Some quotes also break down other costs a policy covers, like fire department service charges or pollutant cleanup and disposal. A homeowners quote may also detail sublimits for certain types of property. For instance, a policy may only cover up to $1,000 in fur and jewelry losses.

Home insurance quotes will provide a monthly or annual rate—or both. Some also provide estimates for more than one level of coverage, such as standard, expanded, and premium. A home insurance quote may also include the discounts for which you qualify and their amounts.

What Factors Affect Home Insurance Quotes?

Several factors can impact your home insurance quote and the final premium, including:

  • Age of home: Older homes with original heating, plumbing, and wiring may cost more to insure because they can pose a higher risk. Older roofs can also increase your policy’s premium.
  • Construction type: Wood-frame homes often cost more to insure than brick constructions because they pose a higher fire risk.
  • Coverage levels: Higher coverage levels increase your policy’s premium.
  • Deductible: Choosing a higher deductible can decrease your policy’s rate.
  • Discounts: Carriers offer a variety of home insurance discounts. For example, homes equipped with smoke detectors, fire alarms, or burglar alarms often qualify for savings. You may also earn a discount if you bundle auto and home insurance policies.
  • Fire protection: Homes located close to a fire hydrant and near a fire station usually receive better homeowners rates.

Do I Need a Home Insurance Quote?

If you’re about to buy a new home, or you aren’t satisfied with your current homeowners policy, you should consider getting quotes from several providers. That way, you can compare coverages, optional coverages, discount programs, and rates.

If you already have homeowners insurance, you might be surprised to find that switching to another insurer could offer better coverage at a lower price.

Key Takeaways

  • A home insurance quote is an estimate of how much an insurance company will charge to insure your home.
  • You can get free homeowners insurance quotes over the phone or online.
  • Home insurance quotes outline deductibles and coverage levels. They may also include discounts and optional coverages.
  • When requesting quotes from several insurers, you’ll likely see different coverage levels, discounts, and rates because they vary by provider.