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Buying A Home Insurance Policy – What Questions To Ask? 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 buying a policy based on premiums solely, you better ask your insurance provider these questions to ensure that you are getting the coverage you need. Question number 1. What does and does not covered in the policy – the most important part of insurance is the policy itself. 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 – most of the time, insurance agent provides you list of all your possession which is otherwise referred to as home inventory. This can help you a lot in case of fire, disaster or even robbery. 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. For instance, if your house is in flood plain and been subject to flooding once or even twice in the past, then you want to buy 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.