Homeowner insurance is a very valuable thing to have to ensure that your nest egg will not lose money due to damage. Before purchasing homeowner insurance there are some questions you should ask and research in order to get the best deal. This article will take a look at 10 of the top questions you should ask before making a final decision on a new homeowner insurance policy.
1. Am I Getting the Best Deal?
Shop around for the best deal when looking for homeowner insurance. Insurance companies are competitive and will offer different deals to different people, so make sure you get an actual quote, and not base it off what someone else got.
2. Do I Have a Security System?
Before purchasing homeowner insurance you should check to see what the company you are thinking of choosing offers for discounts. Often times homeowner insurance companies will give discounts for having a security system; it makes you cheaper to insure and less of a liability.
3. Can I Get a Discount For My Age?
Yes. Many homeowner insurance companies will offer you a discount for being over the age of 50!
4. Do I have a Working Smoke Alarm?
A working smoke alarm can get you up to 10% knocked off your premium at some companies. I would suggest having at least one for each level in your house to provide maximum protection.
5. How Hard is it to File a Claim?
This is the most important aspect in choosing the right insurance company. If the homeowner insurance company takes too long or is often willing to fight you until you give up when you a file a clam then you are probably looking at the wrong company. When you need the money for repairs the last thing you want is a hard time filing the claim.
6. What Plan Do I Need?
There are many different plans for homeowners insurance; some are more expensive than others. Before shopping for homeowners insurance you should see what coverage you need, this way you get accurate quotes.
7. How Much Can You Afford?
This may seem obvious but you need to be able to afford your policy before you can purchase it. Picking an insurance premium that will set you in debt will hurt you in the long run; look for a plan that has a higher deductible with a lower premium to save some money.
8. Does the Plan Cover Water Damage?
Flooding and water damage are two of the most common problems when purchasing a house; they are unexpected and can be very costly. Some homeowner insurance policies do not cover either of these! If they do not you should consider getting a protection plan or else you could be paying for it in the end.
9. Did I Just Update the Electrical System or Plumbing?
If you just updated the electrical system or plumbing system you could be entitled to saving hundreds on your premium. Both these updates will make your house safer and cheaper to insure. Remember to include these in when getting a homeowner insurance quote.
10. What Coverage Are You Really Getting?
Make sure you know exactly what you are getting when you get your policy. For instance many people do not know that flood damage is not often included in any homeowners’ insurance policy; this could be disastrous as flood damage can happen anywhere. Make sure you know what you are getting before you purchase it!