Contact: (217) 355 9075 - Address: 702 Bloomington Road. Suite 205. Champaign, IL 61822 - Email: dave@insuringchampaign.com

Shopping for Home Insurance? What do you need in order to get an estimate?

Whether you are buying a home for the first time or just looking around after your current company raised your rates (again!), shopping for home insurance can be a daunting task. I am going to share with you what to have ready when you call your local Champaign- Urbana or Illinois insurance agency so you can provide all the necessary information in just one phone call or email and try and take some of the hassle out of the process for you. 

There are many factors and variables that go into your insurance rates, but we still get people who call in wanting to know how much would it be for a $175,000 home  located in Mahomet (or any other local town). We need to know much more about you, the house and your community in order to get solid numbers on your home insurance estimates.

TIP-If you are currently insured please grab the declarations page of your most recent policy. It won't have everything you need but it will be helpful

Part 1- The Residents living in the home

  • We will need to name and date of birth of each resident of the home. 
  • We will need the social security numbers before we complete the policy, but they are not needed to get a preliminary estimate.
  • Your occupation (some companies will give discounts for certain professions)
  • Any prior property insurance information (homeowners or renters if applicable). If you have been previously insured and have had no claims you could qualify for a claim free discount.
  • Any prior losses or claims made on property insurance
  • The Physical Address of the home to be insured
  • Do you have any pets? If you have a dog what breed(s) There is a list of some dogs that insurance companies will not accept.

TIP -Be honest and don't try and hide the dog from the insurance company. If they find out there is a dog on their no-write list in the home it could void the entire policy due to misrepresentation and leave you in a dangerous situation with no coverage or an uncovered claim. Also disclose if your dog has a bite history.

Part 2 - The Home

Each company will want to estimate the replacement cost of your home using their Replacement Cost Estimator (RCE), so you will need to know many specifics on your home. This is easier for new home buyers because they can just access the listing provided from their realtor.  You need to be ready to provide the following.

  • Total Square Feet of the home (exclude the basement if applicable)
  • Number of stories
  • Type of foundation (Crawlspace, Slab, Unfinished Basement or Finished Basement)
  • Central Air Conditioning (yes or no)
  • Type of heat used (gas, electric, etc)
  • # of fireplaces in home
  • Approximate size of any deck or patio 
  • # of full and half bathrooms
  • Type of Garage (attached, built in or detached) with number of cars it will hold
  • Construction of the home (Frame, Brick or Combo of the two)
  • What year was the house built
  • Any detached buildings?
  • Size of the property (if in a rural setting)
  • How many miles from the responding Fire Department?

Part 3 - Home Updates & Renovations

Insurance companies want to know that the house has been properly maintained and that major components have been recently updated. Be prepared to know the following updates if you home is over 15 years old. 

  • How old is the Roof? (must be less than 20 years old for most options)
  • When was the last time the Plumbing was updated?
  • When was the last time the Electrical was updated?
  • How old is the Furnace/Heating System?

Part 4 - The Coverage's You Prefer

One of the nice things about an Illinois Home Insurance policy is that most of the coverage's are percentages of the total dwelling coverage on the home. For Example if you have a home with a replacement cost of $200,000 you would have following coverage decided for you.

  • Dwelling $200,000
  • Detached Structures $20,000 (10% is automatically included in the policy)
  • Personal Property  $140,000 (this will be between 50-75% of your dwelling coverage depending upon the company)

You will need to decide on the following coverage amounts

  • Personal Liability (sometimes called Family Liability)
  • Guest Medical Payments
  • Preferred Deductible (most companies have a minimum deductible of $1000 now)

TIP- Make sure your home has Replacement Cost for your Personal Property.

Part 5 Optional Coverage's

Every homeowners policy has internal limits on some items. (check with your agent if you have special needs in any of these areas)  If your specific situation requires additional coverage let you agent know. Here is a partial list of what might have limited coverage on your policy.

  • Jewelry (most commonly capped at $1000 included)
  • Guns
  • Collectibles
  • Business Property
  • Coins/Money

Other optional coverage's you may want to consider.

  • Water/Sewer Back Up (recommended , especially if you have a basement)
  • Identity Theft
  • Earthquake (not covered on basic home policy)
  • Flood (not covered on any home policy)

I know it looks like a long list but it will save you time and hassle if you have all of this information ready when you call your local insurance agent to shop for home insurance.

Tip- In order to get the best deal, shop your car insurance at the same time. All companies we represent will give you a multi-policy discount if you insure both your cars and home together. You can find out what you need to get a car insurance quote here.

 

 

 

 

 

 

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About Us

Rueck Insurance is your independent, one-stop insurance center for all your personal and business insurance needs in Illinois. Insurance shopping is easy when the Protection Team provides you with multiple quotes to choose from. You will always know you are getting the best coverage at the lowest possible price.

Contact Info

Rueck Insurance is your independent, one-stop insurance center for all your personal and business insurance needs in Illinois.

702 Bloomington Rd#205
    Champaign, Illnois
(217) 355-9075
dave@insuringchampaign.com

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