3 Questions You Should Ask Your Homeowners Insurance Agent

Posted on: 24 April 2017

Your homeowners insurance policy needs to take into account your current and future needs. To determine if a policy you are considering does, you need to ask the right questions. To help with your assessment of a policy, here are a few questions you should ask your insurance agent.  

Do You Need "Walls In" Coverage?

"Walls in" coverage refers to the protection offered for condo owners that insures everything inside the walls of the condo. The coverage will provide protection for everything from the plumbing and electrical to the flooring and fixtures.  

The additional protection is optional, but if you have a mortgage loan, it is likely that your lender will require. The amount of coverage needed can vary, and your lender will likely set the amount that they want you to have. If you are not required to obtain the insurance, you can choose whatever amount you believe will be sufficient to address any problems that would occur inside the walls.  

What Can You Do to Reduce Your Premium?

Depending on your insurer, it might be possible to lower your premium by reducing your risk to the insurer. The insurance company bases your premium on several factors, including how big of a risk it is to insure your home. Small modifications and additions to your home could potentially add up to big savings.  

For instance, installing smoke alarms and carbon monoxide detectors in your home could likely result in a reduction of your premium. Talk to your insurance agent about other steps you could take to possibly save on your premium.  

Does Your Policy Offer Slander, Defamation, and Identity Theft Protection?

Some insurers offer additional protection for homeowners that has coverage for slander, defamation, libel, and identity theft. The protection is offered as an optional endorsement and it could be worth adding to your homeowners policy.

For instance, identity theft is a costly crime that could result in the need for an attorney to help fight any fraudulent activity that is committed with your personal information. The coverage from the insurance could help offset some of the expenses and make the recovery from the theft easier.  

An insurance agent, such as those at Martin Insurance Company, can be instrumental in helping you determine the right policy for your home. He or she can discuss your needs with you and make recommendations based on that. Your agent can also answer questions or concerns you and your family have.