This segment is part of a larger Virtual Live Event that we held in February 2021

The Gist:

There’s a lot to consider when it comes to shopping for home insurance. When you reach out to insurers, they have a lot of questions about the property.

• You may buy a house for $350,000, but that number often ends up different when the insurers do their evaluation, as it is based on the replacement cost of the house vs. the market value.

• To evaluate this, the insurers need specifications like the number of bathrooms, bedrooms, or how many acres the property is on. Is there a one car two car attached/detached, does it have any upgrades, what about the countertops?

At HACK&Co, we like to be as proactive as possible in our business.

• We provide our clients with a set of questions to be filled out during the home inspection that match the kind of questions that will be asked by insurance. You can find that form HERE. The added bonus of getting this filled out during the inspection is that you have your HACK&Co Teammate as well as the home inspector with you to help you answer any questions you’re unsure of.

• Michelle at InsurLine Brokers tries to take away the your pain during this process by talking to your REALTOR® for most of the required information. However, if she cannot obtain that information directly from the agent, she will be required to ask a lot of questions from you.

Moving is not just changing a place or location— It’s about changing lives.

• When moving is considered in this way, not all properties would seem the same. You have to get to the bottom of this to shop for the best house.

• The difference between auto and home insurance is that auto insurance is legislated, while home insurance is not. Not all home policies are the same!

• InsureLine Brokers represent four different companies at their office.

• Before signing an agreement, you have to make sure you have coverage for a fire, flood, sewer issues, etc.

When you look at a quote, you shouldn’t just look at the cost — you should consider the little things that can make your living secured.

• If you’re looking at a cheaper quote, you should still check with a couple other companies to see if you’re missing something, and how much extra it’s going to cost you.

• Sewer backup, for example, may not be a big deal if you don’t have a finished basement, but if you do have a finished basement it should be something to keep in mind.

• To go back to auto insurance, it is regulated by the government, which means wherever you go the policy will be the same but the pricing may differ.

• For home insurance, each company is different, which is why it’s a great idea to work with a broker who deals with multiple companies. You get the freedom to compare different companies policies and choose the best option for you.

A message to buyers entering the market in 2021: Before you sign your deed, talk to your insurance person and get a quote. It doesn’t cost you anything!

Generally, a quote should take about a day, but you get the whole picture including cost and coverage.

Ready to Get Started? 🏡

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