Homeowners insurance safeguards your home from any mishap or unexpected damage. It helps you recover the cost of your destroyed property. Different pans are offered by insurance agencies, as per your requirements and budget, but before you purchase a plan it is important to ensure that it offers maximum coverage and benefits.
Listed below are some of the questions, which you must ask your insurance agent prior to buying an insurance plan.
What does my home insurance policy cover?
A standard homeowner’s policy helps rebuild your property in case of any damage. It includes repair of home’s infrastructure and detached constructions like fences, garage, out house etc. It will also cover loss caused due to a fire, hurricane, hail, lightning or any other disaster mentioned in the policy. Therefore, you must buy a policy that gives maximum coverage options, and low premiums.
How much will it cost to rebuild my home in case of total loss?
Before buying a home insurance policy ensure that it covers cost of rebuilding your home. You should calculate the amount based on the material used to build your home and not on its present market value, because of the fluctuations in the real estate market. If you buy insurance less than your home’s worth, you won’t have a coverage to fully rebuild it. Your insurance agent will help you determine the actual cost of your property.
Do I qualify for any discount?
You may get a discount on your premiums if your home is relatively new, may be less than 10 years or there are pre-installed burglar alarms, smoke detectors, water sprinklers etc. You may also be eligible for a rebate if your house is located near to a fire station. Every insurance company has different criteria for offering discounts, so it is advisable to enquire about the possibilities before purchasing a policy.
How much liability protection do I need?
In case a person gets injured in your premises or you accidently cause damage to the neighboring properties, you are liable for a lawsuit. In such cases your home insurance policy can help you pay for the medical bills of the injured and legal proceedings. In case you require more liability than offered in your plan, ask your agent about it.
What level of additional living expense coverage do I need?
If due to any circumstances your house becomes inhabitable and you have to temporarily shift to another place. Homeowner insurance policy provides a provision for paying you the living expenses. This includes paying for rent, hotel bills, meals etc. Additional living expenses differ from company to company therefore it is imperative that you discuss this issue prior to purchasing a plan.
We at Smith-Reagan Insurance Agency
, offer the best home insurance plans for our clients in and around McAllen, TX. To know more about our services you can call at (956) 399-1353