What is typically required when purchasing property insurance?

When purchasing property insurance, obtaining an appraisal of the property is typically required. An appraisal provides a professional assessment of the property's value, which is essential for determining the appropriate amount of coverage needed for the insurance policy. Insurers rely on this valuation to adequately price the policy and ensure that the insured party can recover the full value of their property in the event of a loss.

Having an accurate appraisal helps protect both the policyholder and the insurer, as it ensures that the property is neither underinsured nor overinsured. If a property is sold or refinanced, an appraisal reflects market conditions and property values, making it a critical component of the insurance underwriting process.

Other options, while they may be relevant in different contexts—for instance, proof of income might be required for securing financing rather than insurance, and obtaining multiple quotes could be part of the shopping process for competitive rates—do not represent a fundamental requirement like the appraisal does. Similarly, referrals from financial advisors are not standard requirements for purchasing property insurance.