5 Questions to Ask Your Home Insurance Agent
As a homeowner, it is important to keep up-to-late on the latest ins and outs of your home insurance policy. You can start by knowing the right questions to ask.Here are 5 questions to ask your home insurance agent.
How do I know if I have enough coverage to replace all of my household possessions?
Naturally, one of the first questions you will have is to find out if you have the right amount of coverage. In the event, you need to replace all of your household possessions, you will then have peace of mind, knowing that all of your insurance needs are covered.
In order to perform an accurate assessment of your belongings, you can take pictures of all of your most valuable items. These items can range from furniture to clothing, from appliances to electronics, and so on. You should also be sure to keep these items in a safe place, not located in your home.
Do I have enough insurance to rebuild my home?
A second inquiry you are likely to ask your insurance agent is whether you have enough coverage to completely rebuild your home. Not only does this include your possessions, it includes the structure, itself.
Additionally, you should also include in this conversation whether your policy covers a range of scenarios in which your home and possessions are lost. For example, if your home and belongings are destroyed due to natural disasters, is this still covered? In fact, it never hurts to ask as this could save you a lot of additional worry – and of course money in the long run.
Under what circumstances do I need Liability Insurance?
An aspect of your home insurance that you will also want to look into is liability insurance. A viable question to ask your agent is what specific kinds of liability coverage you might need as well as how much. For example, in the instance an individual has an accident or is injured while on your property – you could be considered liable.
Another scenario that falls under this category is in the event, your actions or your home itself causes damage to another person’s property. Either way, it is a good idea to check with your agent to see that you have the proper coverage to ensure you are financially protected against these range of situations.
What happens if the value of my home changes?
It can also benefit you to find out whether you may need to adjust your insurance and under which situations, this might be necessary. If you know you will be renovating or increasing the value of your home in terms of any upgrades, such as a pool or hot tub, etc. then your home insurance will likely need to revised to better reflect its current value. An increase in household possessions can also be included in this updated appraisal and your insurance agent can help guide you in making these amendments.
Do I qualify for any discounts?
One last question you shouldn’t be afraid to ask is whether you qualify for any discounts. For example, you may have options to bundle various insurance packages together. For example, you may be able to combine your vehicle and your home insurance into one policy and this could allow you to save on your overall insurance costs as well.
Secondly, if you let you insurance agent know you have additional safety measures in place to protect your home, such as a security system, smoke and sprinkler systems, this may entitle you to a bit of a break on your insurance fees.
In the end, owning a home is a substantial financial commitment. Therefore, being able to turn to your home insurance agent and ask the right questions can help to make this a more positive experience.