When shopping around for homeowners insurance, it is always a good idea to meet with an agent. Home insurance agents know the market. They know what insurance policies are best suited for individuals with various needs, and they can help you find the plan that best suits your needs and budget. But what should you talk about when you first meet with your home insurance agent? Here are a few key questions to ask.
What deductibles do they recommend based on your finances?
The deductible is the amount you have to pay towards a claim before your insurance kicks in and covers the rest. For example, if you have a $500 deductible and make a claim for a damaged roof, you'll have to pay $500, and your insurance will cover the rest of the roofing cost. Your deductible, to a certain extent, is up to you. You can pay higher premiums for a policy with a lower deductible, or you can pay less for a policy with a high deductible. The best option will depend on your unique financial situation. Share the basics about your finances with your insurance agent, and let them make a recommendation.
Is there anything that would terminate your policy?
Some insurance companies have a list of things that, if done, lead to your policy being terminated. Most of these things are pretty extreme, such as selling drugs out of the property or installing illegal wiring. But it is still a good idea to ask for a list of them so you know what not to do.
Are you eligible for any discounts?
Most insurance companies offer a significant number of deductions. There are deductions for students, members of certain professional organizations, and military members. Ask what discounts the insurance company offers to be sure your agent has applied all that you're eligible for. They may even tell you about additional discounts you can get for doing something simple, such as buying a second fire extinguisher.
Do they recommend any additional coverage?
In some areas, your agent might recommend buying additional flood, storm, or water damage coverage. This all depends on the climate in your area and the unique risks you face. Your agent can let you know what is typical for homeowners in your region, and you can make an informed decision from there.
Ask these questions, and you should have a very productive first meeting with your insurance agent. Contact a company such as LH Griffith and Company to learn more.
Share12 December 2022
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