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Your house is more likely your most prized possession so it just makes sense to do everything to protect it. As such, you could think of your home insurance as an investment to protect your finances in the future. Before you buy a policy that is based on premiums, it is smart to ask your insurance provider these said questions to be certain that you’re getting the coverage you need.
Question number 1. What does and does not covered in the policy – the most significant part of the insurance is its policy. Some of the things that you have to clarify is what 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. 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 – 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 rule of thumb, buy a home insurance policy with coverage that exceeded the appraised amount of all your possessions.
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It will help you decide whether you need to get riders which are additions to the policy that protect special or unique items such as expensive paintings or expensive jewelry.
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Question number 3. How much it costs me to rebuild my house – part of the insurance focus on the actual dwelling or any damage occurs 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 what types of claims have been made on your house before can help a lot in deciding 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 vital to know what to expect with regards 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.