When searching for a homeowner’s policy, it is generally a good rule of thumb to compare three separate quotes. This lets you compare coverage and price before making a decision. Below are a few things you should consider while shopping for homeowner’s insurance and comparing quotes.

Types of Coverage:

Having homeowner’s insurance protects you in the event of certain risks. Examples include fire, theft, and lightning. When selecting the right policy for you, it's critical that you look through the types of coverage each policy offers.

Less expensive policies may offer less protection, so taking a close look the coverages included in each company's quote can help you make an apples-to-apples comparison. Some common types of coverage to look for include:
  • Dwelling coverage: This coverage may help pay to repair or rebuild the physical structure of your home if it's damaged by a covered peril.
  • Other structures coverage: This type of coverage may help protect certain structures on your property that are not attached to your home, such as fences and sheds.
  • Personal property coverage: This type of coverage may help protect your belongings (for instance, clothing, furniture and electronics) from covered perils.
  • Liability coverage: If a guest is injured at your home and you are found legally responsible, this coverage may help cover expenses such as medical bills or legal costs.
  • Additional living expenses: If your home is damaged by a fire (or other covered peril) and you can't live there, some policies may pay the additional costs associated with having to relocate temporarily while your home is being repaired or rebuilt.

Weigh Deductibles and Limits

Your policy's deductible is the amount you'll need to pay out-of-pocket before your insurer will begin paying your claim. It may be less expensive to go with a higher deductible, but a higher deductible may have a more significant impact on you when it comes time to file a claim. Be sure that each of the policies you compare has the same deductible, and one you are comfortable with.
It's also important to be aware of your policy’s limit, which is the maximum it will pay out for a covered loss. The limits you choose may affect the cost of your policy. When comparing quotes, you'll want to make sure each policy offers the same coverage limits and fit your needs.

In short, it's good to shop around on price, but make sure you're making a true comparison. Be sure you understand the types of coverage available to you, as well as the deductibles and limits that apply under each policy you're considering.