A Few Simple Questions
Even if you are unclear about how homeowner's insurance works, you can always talk with an Allstate agent about your situation. Your agent will start by asking you a few questions about your home. These questions aren't always specific to Allstate ? most companies ask questions like these.
What type of residence are you buying?
Home, Condominium, Rental or Manufactured Home. The differences between these residence types are considerable. Each has its own policy type.
What year was your home built?
Typically a home is less expensive to insure when it is newer. As a home ages, the insurance rates increase. A brand new home is usually the least expensive to insure.
If it's "Historic"
If your home is listed on the National Registry of Historic Homes, The National Register of Historic Places or any other locally designated Historical Society, a landmark status may be a factor in how your home should be insured.
Estimated replacement cost
Your home's replacement cost is the estimated expense of rebuilding your home at today's prices for labor and materials in your area. It does not include the value of land, so in most cases it will be less than your home's current market value.
If it is "new to you"
No matter how old your home is, you'll get a discount of 10% for buying a home that is "new to you," which will phase out over 5 years.
What it's made of
It's the "Three Little Pigs" principle ? and why they ended up in the brick house. The wolf wasn't able to blow the brick house down. In addition, wood is an easier target for fire. Not that we all should live in brick homes, but this tale helps illustrate why what it is made of matters.
Where is your home located?
Your location carries a history of the unfortunate events that have caused home and property losses in the past. These statistics help us determine premiums appropriate to the area's risk.
Distance from fire protection
The closer the better. Take a drive to the nearest fire station, or map it using Google Maps or MapQuest; note the mileage. Count your steps to the nearest fire hydrant and multiply by three to roughly estimate the distance in feet.
Losses / Claims in the last five years
Be prepared to talk about the number and nature of losses you have experienced in the last five years.