Ask These Important Question When You Shop for Home Insurance

Make you understand your home policy by asking these questions.

As a homeowner, attempting to navigate the insurance market can be confusing.  While it’s difficult to make sense of homeowners insurance, it’s incredibly important that you understand your policy before signing off on it.  To ensure you understand your coverage, here are some of the important questions to ask when you’re shopping for home insurance.

1) What does my policy cover? 

Before you settle on a policy, it’s important to understand exactly what it will cover.  Generally, homeowners insurance policies consist of four main coverages: property, personal property, personal liability, and loss of use.  Ask your agent to go through the details of your coverage with you so you understand your coverage limits, covered perils, and so on.

2) What does my policy not cover?

You also need to understand your policy’s limitations.  This means asking your insurer about excluded perils and potential coverage gaps.  For instance, most standard home insurance policies will explicitly exclude coverage for flood damages, earthquake damages, landslide damages, pest infestations, home business claims, and so on.  Once you understand where your coverage gaps lie, you can speak to your insurer about securing endorsements or other forms of supplemental coverage to ensure you are completely covered.

3) What will it cost to rebuild my home?

Your home insurance policy should offer enough coverage to rebuild your home if it is completely destroyed by a covered peril.  It’s important that you do not confuse your rebuilding cost with your home’s purchase price or market value.  The price to rebuild your home (including labor costs, material costs, and the cost of meeting code) will be totally different than what you purchased your home for.  So, make sure your policy is offering the right amount of coverage for your needs.

These are some of the important questions you should ask before signing off on a homeowners insurance policy.  Do you have additional questions regarding your home coverage?  If so, then contact the experts at Duane Weber Insurance, Inc. in Kent, Washington.  Our dedicated team is eager to get you the coverage that you need today.

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