Insurance policies protect you during troubled times, but we don’t think much about them until we actually need them. Knowing how your policy will afford you coverage is very important. Read your policy in detail and ask important questions before you build a comprehensive plan. Here’s what you need to ask your agent to make sure you are prepared.
1. How much will it cost to rebuild my home if it were a total loss?
One of the main reasons for buying home insurance is to protect your property against total loss. You will need to know the home building costs in your neighborhood for your dwelling limit, which is the amount the insurance company will pay for materials and labor to rebuild your home.
2. Is temporary housing available if I need it?
Most home insurance policies will cover additional living expenses such as hotel bills and apartment rent. ALE generally covers the gap between pre and post-disaster housing and food.
3. How much will be needed to replace my personal belongings if they are destroyed?
Personal property coverage pays to replace or repair your personal belongings that are not attached to the home. Most insurance policies provide you with 75% of your dwelling coverage to replace belongings.
4. How much liability coverage do I need if something happens on my property?
Liability coverage will protect you from lawsuits, damage and injury if something happens on your property. Ask your agent how much coverage you will nee
5. What is excluded in the policy?
Some exclusions include earthquakes, floods, wear and tear and acts of war.
If it’s all Greek to you, ask an agent to ensure that you are purchasing the right policy for your needs.