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What information do you need prepared to purchase home insurance?

May 11, 2015

Having a homeowners insurance policy in place is beneficial for any household. Whether you are a seasoned homeowner or purchasing a house for the first time, ensuring your home and your valuables kept within properties are covered in the event of an emergency can save you time, stress and money in the long run.

Make sure you have all the information required when purchasing home insurance.

Yet policies are not uniform. The type of policy that's best for you depends on your situation and location, and different insurance providers might require details or information more or less than a competitor from you when applying. However, no matter what policy you choose, there are basic preparation elements that remain relatively consistent.

"It is common to provide some personal information when applying for home insurance.”

Common items needed for purchasing home insurance

While this list might not be specific to all home insurance coverage, these are items that most carriers ask to see when you apply for a home insurance policy.

1. Information about your home:  The carrier is going to want to know details pertaining to your home. For instance, they are going to ask “When was it built?,” “how big is it?,” “how old is the roof?" and other questions. This will help the insurance provider get a sense of your home's condition and which risks are prevalent. If your home has out-of-date equipment or wiring that's no longer up to code, then a carrier might find danger affiliated with it. On the other hand, if your home is updated with modern energy-efficient appliances and advanced safety features, the insurance carrier will likely raise less potential concern.

2. Information regarding your personal credit history:  The mortgage approval process is not the same as the one for acquiring homeowners insurance. Additionally, it's not the case that every provider will ask to see your credit history. But, knowing your financial past will help insurance companies gauge your ability to not only make payments on time, but to maintain upkeep as well. For example, you might have a previous home insurance claim on your credit report or maybe a foreclosure, which insurance companies will certainly want to know about.

3. Information about your assets and lifestyle:  Since a homeowners insurance policy covers the costs of your home and certain items, you will have to have an accurate listing of what you want included in the policy. This could include lists of individualized assets as well as photos. While it may sound like a pain to gather all this information, it will certainly be advantageous if a disaster strikes and you need these objects replaced. Also, when it comes to your lifestyle, a home insurance provider will want to know if you have any pets. Pets can play a significant role in the integrity and upkeep of a home. This doesn't mean that your premiums are going to increase based on the fact that you have a dog, but the information will be factored into the larger picture.

Home insurance providers will want to know how recently your roof was updated.Home insurance providers will want to know how recently your roof was updated.

Depending on the insurance provider you go with, additional coverage might be required on your application. Be prepared by doing some research and having the information on hand. The process doesn't have to be long when purchasing a home insurance policy, and frankly, you want your home to be covered the entire time you are living there, so don't waste any time getting started.

Don't wait until a disaster strikes. Be proactive, put the proper information together and get approved for a home insurance policy today.