I am building a new home and the power company is coming to the house with a 400 amp service. I am installing the meter sockets and running the wire to the house panels my self. I plan on installing two meter sockets and running seperate lines from each meter to each 200 amp panel. Is this correct?? if not what is the best route?

POCO will not allow two meters for a single occupancy residence. You need a 320/400A meter base. From this you can feed two 200A panels.

from this then I can run one service line to the first 200 amp panel and then to the second??

No, you should run a separate line to each panel from the meter.

The meter socket you need is a Milbank U1748-0.
You can buy this at :
http://www.gordonelectricsupply.com/index.jsp?path=product&part=35522&process=search&ds=dept&text=u1748

That is a pedestal mount for a specific applications and would not be the type mounted on a house.

There are also different types of meter mounts. Ring and ringless.

The utility company will have a list of meter sockets that are acceptable.

They also have requirments about placement. So he needs to work with then about the details of what they want.

I finally got the right socket.. a milbank U2872-XT-5T9.. this is approved by my power company.. what I am wondering is if I am missing something that the power company hooks up their service lines with. The lugs for each meter are there.. but the middle of the socket is empty.?? just wondering where they attach there wires. If some one can help me that would be great.. as I am looking to just have the right stuff available so when the power company shows up.. they can hook up to it.. thanks

http://kscdirect.com/ecomm/search_results.php?q=ENCLOSURES+MILBANK+MFG+CO

that appears to be a 2 gang meter socket.

The center section is where the power if feed to and a meter is installed on each side.

that is for two 200 amp meters. That would be on a duplex.

But it would not be used on a single residence unless the electric company meter heating separately from other power usage.

If it single metering then you want a single socket 320 amp socket.

i am having a duel fuel set up.. so one panel is for the in floor heat only.. so having 2 meters is required for this set up... so I was told this is the right panel..

Then that is the right meter.

That is not a common setup.