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The Most Important Questions to Ask Your Insurer

Let me begin by stating that a policy known as a Homeowner's-3 (HO-3) is the most common homeowner's policy in the United States. Find out what type of homeowner's policy you have and if you have a different homeowner's policy, you should review your coverage with your agent. If your policy is old, it may not provide coverage for water damage, theft or liability. It may also provide coverage for the house on an actual cash value basis rather than a replacement cost basis. This will mean that replacement cost less depreciation. If you are buying for the first time, you'll need to establish this at the beginning.

One of the most important questions to ask would be how much will it cost to rebuild your home at today's prices? Others may include ways to make your home safer to save money on premiums, should you purchase flood insurance, w hat would it cost to replace the contents of your home, how much should your deductible be, etc. The list is really seemingly endless! Where should you begin? Who can answer all those questions?

Ask you insurance agent! Agents do not have a specific duty to tell you the answers to any of these questions unless you specifically ask them! So ask what insurance policy they are selling. There are several types and all vary in what they cover, how much they cost and when they need to be renewed, if ever.

Ask how your homeowner's policy compares to others in terms of coverage. Ask about the difference between "all risks" and "all perils" in your homeowner's policy. If there is buyback coverage purchased, ask how much the buyback will increase your premium and what options are available and if they are available at any time or only when you purchase the policy initially.

When getting a quote, ask the agent if it is the best rate offered to any applicant by any company that the agent represents?if he says it is not, then ask why you are not getting the best rate. When considering additional coverage, ask if the coverage will be available later if you decide not to get it at this time. Ask when and how much the company's last rate increase was and why. Ask why the coverage amount quoted is lower than the purchase price of your home. Ask when your agent requires you to call to find out if you need more homeowner's coverage.

And finally, make sure that you ask if there are some ways to pay lower rates for homeowner's insurance policies. Many insurance companies offer better rates if a home is disaster resistant. For example, a modern heating and electrical system in place reduce the risk of fire. Always, always, always, verify what the agent is telling you. This will reduce the risk you take in doing business with the insurance company to protect the largest investment you may ever make.