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5 Questions To Ask Before Buying A Home Insurance Policy

It makes sense that you try to do everything to protect your house as more likely, it is your most prized possession. As such, you could think of your home insurance as an investment to protect your finances in the future. 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 most significant part of the insurance is its policy. 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? It can help in deciding how much and to what kind of insurance to get by finding out what are exactly covered on your policy.

Question number 2. How much coverage is needed – oftentimes, an insurance agent is going to provide you list of all your possession which is otherwise referred to as home inventory. And in case of fire, disaster or even robbery, this is going to help you a lot. As a basic rule, when having your possessions appraise, buy a home insurance policy that has coverage exceeding 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. Also remember that because real estate is appreciating in value, you must be certain that you are buying a policy that covers 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 – when it comes to filing a claim, you have to know what to expect 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.