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Buying a home is one of the biggest investments you’ll ever make. A homeowner’s insurance policy helps to protect you financially if something ever happens to it. Which can leave you wondering, how much insurance should you buy?

If something were to happen to your home, the last thing you’d want to discover is that you don’t have enough insurance to cover the cost of rebuilding it and replacing the items inside. In other words, you want to make sure your policy provides enough protection that you can afford to rebuild your house from the ground up (dwelling coverage). There are several factors to consider here, such as:

• Material and construction costs in your area
• New building codes
• Any upgrades or remodeling you may have done since your home was built
• Additional rooms or structures (such as a porch or deck) you’ve added

You’ll want to make sure that you have enough personal property protection to cover the cost of replacing items inside of your home. That includes things like your clothing, electronics, jewelry, furniture, appliances, and more.

In addition to dwelling and personal property coverage, you’ll also want to ensure that you have sufficient liability insurance. Your liability coverage protects you should someone get hurt on your property, whether they slip on the steps outside, fall off of a trampoline in the backyard, or get bit by your dog. Speaking of dogs, you should be aware that many insurance companies consider certain breeds “high-risk,” which could affect the cost of your policy. Liability insurance can help cover the cost of any legal or medical bills you might be responsible for after someone gets hurt while visiting your home.

Finally, you might also consider additional living expenses (ALE). This section of a home insurance policy can help cover the cost of a hotel and food while you wait for your home to be repaired or rebuilt. Most policies use a percentage of your extended dwelling coverage to calculate your ALE, but you can increase or decrease the amount based on your specific needs, budget, and comfort level.  

Before you can get a quote for a homeowner’s insurance policy, you will need to provide some information. Providing as much accurate information as possible will help to ensure the most accurate quote.

One thing to keep in mind here is that the actual cost of your home insurance policy may differ from the quote you receive initially. Providing as much information as possible (and providing accurate information) will help to ensure that your quote is as accurate as possible.

Here is a list of some of the personal information you may be asked to provide when getting a quote for home insurance:

• Your full legal name
• Your date of birth
• Your current occupation
• Your marital status
• Your previous address
• Information about any pets you have (if you have dogs, you’ll need to disclose their breeds)
• If you have items such as a trampoline or pool (in-ground or above ground)

You’ll also need to provide information about the home you’re buying the policy for, including such things as:

• The address of the property
• When the house was built
• The size of the house
• Building materials used to construct it
• Information about the roof, such as its age and the materials used
• Any recent upgrades that may have been added, such as a recent kitchen remodel, new water heater or HVAC system, or room addition
• The appliances and other amenities in the home
• The value of the personal belongings you keep (or plan to keep) in the home
• Insurance appraisals
• The lender requirements (if you’re financing the purchase of the property)
• Inspection reports

While most insurers require similar information, there may be some differences here and there. With Assurance, you only need to enter your information once to receive quotes from multiple carriers. Having all of the above information ready to go ahead of time will help to save a lot of time and avoid frustration.

The short answer is that you don’t necessarily need a home inspection before you can get a quote for homeowner’s insurance. Every insurance company has its own requirements. Some may require one while others don’t.

While it’s true that you might not require a home inspection in some instances, you may have to have one done before getting an insurance policy if your house is over a certain age and hasn’t been inspected in a while. If you do need one, you’ll likely need a 4-point inspection. It’s particularly common for homes older than 25 years or that have a history of repair issues.

The goal of a 4-point inspection is for an insurance company to assess its risk in offering you a policy. It also helps them determine how much your policy will cost. The inspection itself focuses on four essential parts of your home:

• The plumbing
• The electrical
• The HVAC
• The roof

If your home fails the inspection, the insurance company may request that you fix the issues it found before it approves your application for a home insurance policy.