It is likely that your home is the largest asset you will ever own. It only seems logical that you would do whatever is necessary to ensure it is properly protected. As such, the home insurance policy that you purchase would act as an investment that will be able to protect the future of your finances.
However, you should not purchase an insurance policy for your home based only on the premium you are offered. It is also imperative that you ask the following questions to the Cincinnati insurance company you have chosen.
How Much Coverage Does Your Property Need?
The insurance agent will begin by asking you for a list of your family’s possessions. This list is referred to as a home inventory list, and it will be beneficial to the insurance company in case of robbery, natural disaster, or fire. It would be a good idea to have all of your possessions appraised if possible, then purchase the best rated Cincinnati Home Insurance a home insurance policy that is more than this amount.
This inventory list will also let you know whether or not you should purchase riders. Riders are policy additions that protect unique items like expensive art and jewelry.
What Does The Policy Cover And What Does It Not Cover?
The most important part of your home insurance coverage is the actual policy. For example, what does the policy cover? Are you covered if your riding lawnmower is stolen while it is sitting outside of the garage?
Will your compensation be for the full value of the item, or will you receive the amount equaled to the depreciated value? What if you someone is injured while on your property? These are some of the specifics you need to know before purchasing an home insurance policy.
Have Claims Been Made Against The Home Before?
Unless you are insuring new construction, you will need to know about and understand any claims that may have been filed on the home before. This information will help you decide the type of coverage you should consider purchasing.
If the home is located on a flood plain, and it has flooded before, you may want to purchase a separate flood insurance policy. If the home has been severely damaged by tornadoes and other storms in the past, these same issues could pose a problem for you as well.
What Happens After An Incident Occurs?
You should also know what to expect after an incident has occurred on your property. Are you able to contact a local agent directly? Will an adjuster come to your home immediately to assess the damage, or will you have to wait a few days?
Will the insurance company pay for lodging like a hotel while repairs are being made? By understanding how these types of scenarios will play out beforehand will not only help you choose the best policy, but it will also give you a peace of mind.
Once you have the answers to these questions, you will be better prepared to make a decision. Understanding what your policy covers, and how you will be treated by the insurance company in your time of need will enable you to properly insure your home.