Start with the same coverage
A quote is only as good as the coverage behind it. Before you compare prices, ask each carrier or agent to quote the same dwelling limit, personal property limit, liability limit and deductible. Otherwise a cheaper quote may simply be less insurance.
What to line up side by side
- Dwelling coverage: enough to rebuild your home at today's costs
- Other structures, personal property and loss of use limits
- Personal liability and medical payments to others
- Your regular deductible
- Any separate wind, hail or hurricane deductible
- Replacement cost or actual cash value for the home and belongings
- Endorsements included, like water backup or scheduled jewelry
Watch the settlement terms
Replacement cost pays to repair or replace with new materials. Actual cash value subtracts depreciation. Some policies pay the home at replacement cost but the roof at actual cash value, which can make a big difference after a storm. Ask each carrier how roofs and belongings are settled.
Don't just compare price
A lower price may mean lower limits, a bigger deductible or fewer endorsements. It can also reflect a carrier with slower claims. Think about what you would want if you had a serious loss, and compare on that.
One way to do it is to imagine a bad night: a kitchen fire that ruins the kitchen and much of what is in it. Which policy pays enough to rebuild, replace your things and cover a hotel while the work is done? That is often the better value, even at a slightly higher price.
Look at the carrier, not just the policy
- Policyholder reviews of claim service
- Financial strength ratings from independent rating agencies
- How easy it is to file and track a claim
- Whether you have a local agent to call
How many quotes to get
Three quotes is a common rule of thumb. An insurance agency that works with several carriers can gather them for you, so you only share your information once. Make sure each quote uses the same facts about your home, like its square footage, roof age and any recent updates. A quote built on wrong details can change after the carrier checks.
Getting quotes through CapCenter
CapCenter's licensed insurance agents compare quotes from multiple carriers and lay out the differences in plain terms. You don't need a CapCenter mortgage to get a quote, and we review your policy each renewal to make sure you are not paying too much for your insurance.
