7 Questions You Must Ask About Your Home Insurance
When you buy a house, you want to make sure it is protected and everything in it. Since this will probably be the most expensive item you will ever buy, it is very important that you have home owners insurance. But how do you ensure that you are protected from everything that will happen to your home over the years you will own it?
You need to shop around and be sure to ask lots of questions about what the policy has to offer, to make sure you get what you need to keep your investment safe. Here are the questions you should ask your insurance agent about a potential home insurance policy you are about to purchase.
1. Will the policy cover the market value of the house or replacement value?
You want to know what should happen if the house is completely destroyed. If you pay market value, that means you are paid whatever the house cost in today’s economy before the loss. If you have obtained the details of the replacement value, then you will be paid by the insurance according to the cost of replacing the house. Having a house rebuilt exactly that way can be way more than market value.
2. What is the limit, if any, that the policy will pay for items in the home?
Homeowners insurance will not only cover you for the home, but also what’s in the home in most cases. You will want to know if there is a limit to how much will be paid. You may need to increase the limit if you have expensive items in your home such as jewelry and electronics.
3. Are there any incidents that are not covered by the policy?
If you live in a flood zone or an earthquake affected area, then you may have to purchase separate insurance to cover you in the event of flooding or earthquake damage. However, if you can get a homeowner’s insurance policy that will cover such things, that might be a more ideal situation. The main thing is to know what is being discussed now, not after the tragic event happened.
4. What are the limits for the types of slip and fall accidents?
If someone comes to your home and is injured, you want to know that your insurance will cover any medical expenses they might incur if they were injured while on your property. Under these circumstances, you shouldn’t have to spend any money.
5. How much is the monthly premium?
You need to consider all the requirements you need for coverage with how much your monthly premium is for insurance. If you can’t afford insurance and it doesn’t apply, then it won’t do you any good.
6. What is deductible?
This is the amount you will have to pay for repairs to your home, and the insurance will pay for the rest. The higher the deductible you have, the lower your monthly premium will be. However, it is important that you keep the deductible affordable for you. If you need to use your insurance, you want to make sure you can afford the deduction.
7. Can you receive discounts for multi-policies?
Often, insurance companies will give you a discount if you insure other things with them. So, if you have auto insurance with the same company as your home insurance, chances are you can receive a discount on both policies. Make sure you ask about it.
Insuring your home and all of your belongings will save you a lot of headaches in the event of damage or theft. By asking these questions, you will know exactly what you are protecting. Supprt By : https://www.progressive.com/
“7 Questions You Must Ask About Your Home Insurance”