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A home insurance quote is an estimate of your home insurance premiums.
Many insurers offer a quoting tool, but independent insurance brokers can gather multiple quotes.
Compare coverage limits, riders, etc. to ensure you’re getting the best value for your money.

Your home is your biggest asset and the most significant expense for most American families. That said, you want to ensure your investments are protected. Homeowners insurance will protect you from financial hardship if you need to rebuild or replace your home or the items in your home. Additionally, homeowners insurance protects your assets if you’re sued for injury on your property.

Before purchasing a homeowners insurance policy, you’ll usually get a quote online or through an insurance agent. A home insurance quote can be quick and easy to obtain. However, you want to ensure you’re going for the best price for the coverage you want.

What is a home insurance quote?

A home insurance quote estimates your home insurance premiums based on your risk. Multiple factors can affect the cost of your homeowners insurance. Here are a few:

Coverage amount: The amount of coverage you need will impact the overall cost of your premiums. The more an insurance company has to pay to replace your home, the more of a liability you are to the insurance company. Four parts to a standard homeowners insurance will need coverage: dwelling, personal property, liability, and additional living expenses if your home becomes inhabitable because of damage.

Claims history: A good claim history is essential for lower premiums. You can expect a rate increase of 16% to 29% for a single claim. For a second claim, you may see an increase of up to 60%, according to Insurance.com. Many providers will refuse to insure your home after the third claim.

Location: “Insurers consider regional weather patterns and natural disasters that are common in your area,” says Steve Wilson, senior underwriting manager at Hippo — a home insurance provider focused on preventative care. Expect higher premiums if you live in an area with high theft or an area at higher risk of floods, earthquakes, and other natural disasters.

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Source:: Business Insider


How to compare homeowners insurance quotes

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