Most likely, your house is your single biggest investment so it all makes sense to do everything to protect it. As such, you may think of your home insurance as an investment to protect your finances down the road. You better ask your insurance provider the following questions to be sure that you’re getting the coverage you need before buying a policy based on premiums solely.
Question number 1. What does and does not covered in the policy – the policy itself is basically the most significant part of the insurance. What is exactly covered in it, what happens if the lawnmower is stolen from your garage, will you get full purchase value or you’re going to get depreciated value, if you cause someone an injury away from your house accidentally, will the policy covers that as well? Finding out what are exactly covered on your policy helps in deciding how much and to what kind of insurance to get.
Question number 2. How much coverage is needed – most of the time, insurance agent provides you list of all your possession which is otherwise referred to as home inventory. This helps you a lot in case of fire, disaster or even robbery. A general rule here is, to appraise all your possessions then, buy a home insurance policy with coverage that exceeded this amount.
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This will help big time in deciding whether you ought to get riders which are additions to the policy that protect special or unique items like expensive paintings or expensive jewelry.
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Question number 3. How much it costs me to rebuild my house – part of insurance is centered on actual dwelling or the damage that occurred to the structure of the house. Remember that because real estate is often appreciating in value, you want to be sure that you buy a policy that is covering the cost of rebuilding your house and not just the one that’s covering its purchase price.
Question number 4. What types of claims have been made on my house in the past – learning and understanding that types of claims that have been made on your house before helps you to decide what sort of coverage you need at the moment. To give you an example, if your house is in flood plain and subject to flooding once or twice in the past, then you need to get a separate flood insurance for it.
Question number 5. What happens when the unexpected happens – it is important to know what to expect when it comes to filing a claim like can you talk directly to your local agent, can they come and evaluate the damage ASAP or will you have to wait for few days and so forth.