What to ask when shopping for homeowners insurance.
As a homeowner, you understand that you need the right insurance to protect your property from all the risks that it faces. However, that might be the extent of your insurance knowledge. To get a better understanding of your coverage needs and what your policy can do for you, here are some of the questions that you should ask when looking for homeowners insurance.
- What are my policy options?
Many homeowners are unaware that there are different forms of homeowners insurance. In fact, there are eight (HO-1 to HO-8) different types of home insurance policies to choose from. Certain forms of insurance are specifically designed for condos, older homes, and high-value homes. The remaining forms offer varying amounts of coverage for standard homes. To ensure that you are choosing the right coverage option to meet your needs, it's important that you learn about each policy type and the coverage that they offer you.
- What is the difference between replacement cost and actual cost value coverage?
Replacement cost and actual cash value refer to your personal property coverage options. Homeowners insurance policies that offer replacement cost coverage will offer compensation up to the item's original value. Policies that offer actual cost value coverage will offer compensation for the item's value adjusted for depreciation.
- Does home insurance cover land?
Many home insurance policies offer the option to include land coverage to the usual home coverage offerings. While it is up to you if you want to secure coverage for the land that your home is on, forgoing land coverage will help you save a considerable amount on your premiums.
These are some of the questions you should ask when shopping for homeowners insurance. Do you need help with securing the right home coverage to meet your needs? If so, then contact
the experts at Club Agency Insurance Brokerage
in Garden City, New York. We are ready to assist you with all your coverage needs today.