Online Insurance Companies Can’t Answers These Questions
Whether you are a new homeowner or have owned your home for a longer period, there’s no doubt you have any questions about homeowner’s insurance. You want to protect your home, your possessions, and your family. Below are five of the most frequently asked questions about home owner insurance.
- As a home owner, am I required to have insurance? Yes, in most cases, especially if you have a lender. It’s also wise to look into insurance if you are in the process of constructing your home and even renting your home to someone else.
- What types of coverage does homeowners insurance provide? Two types casually, which covers the home and contents, and liability, which covers anyone who is injured on your property. With both types, the amount of coverage depends on the policy.
- Will the replacement cost be the same as the sale price of my home? No. The replacement cost will cover the amount needed to replace the structure and/or contents. Replacement cost is usually calculated based on the individual policies formula. It’s wise to take inventory and photographs of your home and contents.
- Will homeowner’s insurance cover damage or theft outside of my home? It depends on the policy. Sometimes standard policies offer this kind of coverage, but if not, ask if purchasing the coverage at additional costs is an option.
- Are home-based businesses covered under homeowner’s insurance? No, unless you qualify for an endorsement to your current homeowner insurance policy. Otherwise, look into getting a business owners insurance policy.
Of course, homeowners will have more questions about homeowner insurance particular to their own situations (including protection against the elements, possessions that are no longer in the home, contents of vehicles, etc.). When searching for a homeowner insurance policy, be sure to ask about coverage relevant and beneficial to your own situation.
You might be able to pay less for your insurance premium and not even know it. So it pays to connect with us to review your insurance needs. Allen & Furr Insurance, is an Independent Insurance Agency, we represent many of the top insurance companies in the country. This means better coverage, and at a competitive price, including life and health insurance.