Home Insurance Checklist
Table of Contents
Before you buy
Claims
Check to see if any claims have been made concerning the property you are looking to insure. Also take into accounts any claims you have ever filed on a home insurance policy.
Credit
Your credit score can affect your home insurance rates. Check to see if there is any incorrect information which should be disputed.
Location
The weather patterns where you live can determine what special features your insurance policy should have.
Condition of the home
Roof
A new roof will generally get you a discount on insurance.
Foundation
An already damaged foundation can mean expensive repairs are coming, and a higher premium to pay.
Utilities
Older plumbing and electrical can also cause a hike in premiums.
High risk
A pool or wood burning stove can increase liability or fire risks and result in a higher premium or the need to carry extra coverage.
Disaster clauses
Flood
Homes located in coastal areas or flood plains will need flood insurance specifically included in their policy.
Fire
Almost any house should be covered in case of fire, but some insurance companies will try to exclude it hoping you won't notice.
Smoke
Some companies will put fire coverage through but exclude smoke damage.
Earthquake
If your home sits on or near a fault, make sure you are covered in case of a quake.
Tornadoes
These are common in some areas, and should be insured against.
Hurricanes
Coastal regions can be extremely susceptible and homes should be covered.
Coverage
Umbrella policies
This is extra liability coverage that protects you in case someone is injured on your property and sues you.
Building codes
If the city or county you live in mandates a code upgrade, you can be stuck trying to afford necessary renovations. You can purchase a special rider to cover such an event.
Home replacement
You want insurance that will cover the cost of constructing a new home, not just a policy that pays off your mortgage.
Valuables
You will need to list all of your belongings- not just jewelry and other high ticket items. If your clothes burn up, they will need replacing too. Buy replacement coverage, not market value.
Lodging
Purchase extra coverage that can cover a rental while you are homeless.
Deductible
A flat rate deductible is best, and a higher deductible means a lower premium.
Discounts
Security
You can receive discounts for alarm systems, deadbolts and other security features.
Safety
Smoke and CO2 detectors, fire extinguishers and sprinklers can also garner a discount.
Multiple policies
If you insure your home and auto through the same company, you can often receive a multi-policy holder discount.
Seniors
Many companies offer discounts to people over age 55.
Download or Print this Home Insurance Checklist
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Presented by:
Nicole Nichols-West
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Details
Purchasing home insurance is more than signing your name to a policy presented to you by your lender when you are approved for your mortgage. The insurance policies required by a financial institution that holds the mortgage on your home only protect them, not you - it generally insures for the amount of the mortgage, payable to the lender in case of a disaster - or even the event of your death or severe disability that would render you unable to pay for the home. You need a policy that would not only pay off the mortgage if something happened to your home, but would also cover the cost of all of your belongings and give you a cushion to start over. This checklist can serve as a reminder of things you may not have considered insuring, but which would be sorely missed if your home was destroyed.
Tips
In an ideal world, a home insurance policy would provide enough funding to completely replace your home and furnishings and belongings. Unfortunately, many people buy an insurance policy without reading the fine print, and end up in hot water when misfortune strikes. There are many insurance policies that feature strict exclusions for such natural disasters such as flooding or even fire. Other policies don’t cover structural damage such as foundation settling from the ground shifting or roof damage from high winds. Still others may pay only the fair market value of the house, or the payoff amount due, instead of enough to replace your home. It is important to make sure that if the worst happened, you would be able to move instantly into a comparable home and replace your furniture, clothing and any other items which have been lost or damaged. Any insurance policy that does not cover these basics should be dismissed.
Who it's for
This Home Insurance Checklist is for anyone who wants a simple, practical way to get things done without missing steps.
- Avoid forgetting - keep all your Home Insurance essentials in one place (external memory)
- Save time - start from a proven Home Insurance structure instead of a blank page
- Stay on track - track progress, come back later, and keep momentum
- Coordinate with others - share the list and divide responsibilities
- Learn the process - follow the steps in a sensible order, even if it's your first time
How to use it
How to use this Home Insurance Checklist
- Save Home Insurance Checklist to your free Checklist account so your progress is saved and synced across devices.
- Customize it in the app: remove anything that does not apply, then add your own details for Home Insurance (dates, sizes, addresses, notes).
- If others are involved, invite them to collaborate and divide responsibilities.
- Work through the list: check items off as you go, and set reminders for time-sensitive steps.