Homeowner's insurance is a crucial insurance policy to buy if you purchase a home. When buying a home, you must purchase the coverage before closing on the house. One vital thing to know is that every policy is unique. You can get a policy that provides the exact coverage you need and want for your home, and asking questions is a great way to obtain the right policy. Here are four questions to ask the agent you speak to when buying a homeowner's insurance plan.
What Does the Policy Cover?
The first thing to ask is what the policy covers. Most policies cover three main things – your house, personal belongings, and liability protection. You might want to ask about the perils it covers, though, as this is even more important to know. Standard policies may cover damage caused by wind, fire, storms, and water. Most plans do not cover flood damage or damage from earthquakes. You can find out what the insurance company covers by asking them what perils the policy includes.
How Much Coverage Do You Need?
The second thing to ask about is the coverage amount. You get to choose the amounts of coverage you have on your policy, but you might now know how much to choose. The main thing to choose is the amount of structural coverage you have, and you should choose the amount that covers replacing your home. Next, you should choose at least 50% of the structural amount as your personal property coverage.
Is There More Than One Deductible?
Every home insurance policy has a deductible, but some have multiple deductibles. You might have a different deductible for one peril than you have for another. You can ask your agent to find out for sure, as this is not a standard feature of all home insurance policies.
Should You Add Extras to the Plan?
It is also important to ask about adding extra coverage types to your plan. You can add riders to protect things that your standard policy does not cover. Your agent can explain all the types you can choose from, and you will then be able to choose the right ones for your needs.
Asking questions is the best way to acquire the right homeowner's insurance policy for your needs. If you would like a quote for coverage, write your list of questions so you are prepared when you speak to a home insurance agent.
To learn more, contact a resource like Norman Heil Insurance.
Share