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Buying A Home Insurance Policy – What Questions To Ask? Most likely, your house is your single biggest investment so it all 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 policy itself is basically the most significant part of the insurance. 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? 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 – most of the time, insurance agent provides 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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It is going to help you to decide whether you have to buy any 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 the insurance focus on the actual dwelling or any damage occurs to the structure of the house. Remember that because real estate is often appreciating in value, you want to be sure that you buy a policy that is covering 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 – it also helps in deciding what sort of coverage you need at the moment by learning and understanding what types of claims have been made on your house before. 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 important to know what to expect when it comes 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.