1. Am I getting the best deal?
Shop around for the best deal when looking for homeowners insurance. Insurance companies are competitive and will offer different deals to different people, so make sure you get quotes from multiples providers.
2. Do I have a security system?
Having a security system may get you a discount with certain insurance companies. Before purchasing homeowners insurance you should look into which providers offer the best discounts.
3. Can I get a discount for my age?
Yes, insurers often offer discounts to seniors. Some insurance companies start giving discounts to those that are over the age of 50. It never hurts to ask if you are eligible.
4. Do I have a working smoke alarm?
A working smoke alarm in your home is not only protecting you and your loved ones but it also can get you a discount on your homeowners insurance. Some companies will knock off 10% off your premium for having a working smoke alarm.
5. How hard is it to file a claim?
This is the most important aspect in choosing the right insurance company. If the homeowners insurance company takes too long or is often willing to fight you until you give up when you file a claim then you are probably looking at the wrong company. When you need the money for repairs the last thing you want is a hard time filing the claim. You should ask around and see if you can get any positive feedback on an insurance company's claim process before you decide to purchase your policy.
6. What kind of policy do I need?
There are many different types of homeowners insurance policies. Before shopping for homeowners insurance you should see what coverage you need and figure out all what you want the policy to cover. Providing the insurance agent with as much information as you can may help them to provide you with a more accurate quote.
7. How much can you afford?
This may seem obvious but you need to be able to afford your policy before you can purchase it. Picking an insurance premium that will set you in debt will hurt you in the long run. Look for a plan that fits your financial budget. Look for a plan that has a higher deductible with a lower premium to save some money. Increasing your deductible by just a few hundred dollars can make a significant difference in your homeowners insurance premium.
8. Does your homeowners insurance plan cover water damage?
Flooding and water damage are two of the most common problem when purchasing a house, they are unexpected and can be very costly. It is important to understand that water damage coverage and flood damage coverage are not the same thing. Homeowners insurance will not cover damages that were the result of a flood (water that made contact with the ground prior to entering your home). You must purchase flood insurance separately. Rule of thumb: You should purchase flood insurance and homeowners insurance to make sure you are covered in all aspects of water damage to your home.
9. Did I just update the electrical system and/or plumbing?
If you just updated the electrical system and/or plumbing system you could be entitled to saving hundreds on your premium. Both of these updates can prevent possible costly damages and will make your home cheaper to insure. Remember to include any updates or recent repairs when getting a homeowners insurance quote.
10. What coverage are you really getting?
Make sure you know exactly what you are purchasing when you choose a policy. For example, many people do not realize that homeowners insurance does not cover flood damage. You should always look at what the exclusions are to make sure you are purchasing the right policy for you.
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