In recent years, the average homeowner’s insurance premium went up by more than 3.1%.
If you’re looking to find ways to save money on your insurance, then you should know which insurance questions to ask.
These questions will help you get the best home insurance quote so that you can make a good decision on your coverage.
1. What Isn’t Covered?
Before you sign up for a policy, make sure you know what the exclusions are. Oftentimes, flood insurance is excluded, and if you live in an area that floods often, this is important to note. It’s also important if you have a finished basement.
Even if you’re not near a large body of water, you could still experience flooding from heavy rain. But your standard policy likely won’t even cover damages caused by floods.
You can buy flood insurance through other companies as a separate policy. However, you should also see if there was a water-backing clause in the claim. This will help pay for any damages to your house that are caused by water, sewer lines, or sump pumps.
Another gap is when you’re replacing or repairing your home because building codes have changed. This can end up being really expensive for homeowners, especially if you have an old house. However, many insurances don’t cover this.
If you are trying to make a claim for something that was covered but the insurance company doesn’t want to pay, contact this lawyer.
2. What Factors Affect the Cost?
The location of your home and how susceptible it is to damage can affect the cost of your premium. You’ll also want to value your home and see how much it’s actually worth.
You may also find out that your claims history and the age of your home can affect your premium cost. Your house may also be more prone to termites or rotting, which would mean that you can’t get cheap homeowners insurance.
3. Do I Qualify for Any Discounts?
Your insurance provider may also help you save money by qualifying for discounts. However, your discounts shouldn’t reduce your coverage.
You might find out that if you combine your home insurance with your life, auto, or renters insurance, then you might get extra savings. Some insurance policies also offer you a discount if you turn on auto-pay.
You may also get discounts by having a membership with a certain affiliation or organization. You could also get a discount if you’re with a university.
Moreover, you may also get discounts if you have updated systems in your home, like sprinkler systems, fire or burglar alarms, or gas leak detections.
Discover More Homeowners Insurance Questions to Ask
These are only a few homeowners insurance questions to ask, but there are many other factors to consider.
We know that choosing the right homeowners insurance can be stressful, but we’re here to help you out.
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