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The Top 7 Homeowners Insurance Questions You’re Too Embarrassed to Ask

Purchasing Homeowners Insurance is often one of the mysterious, misunderstood things to homeowners. First-time homeowners can have an especially confusing time trying to figure out exactly what they need and what questions to ask.

Don’t put yourself in a position where you don’t have the correct coverage because you didn’t know what questions to ask!

Below we’ll list some of the most common questions that are often overlooked by current and potential homeowners. Please feel free to reach out with any additional questions at [email protected].

Questions #1 – What is Homeowners Insurance?

Homeowners insurance primarily covers your home and the things inside of it in the event of some disasters or burglary. It’s a form of property and casualty insurance.

Question #2 – What type of disasters are covered?

Homeowners insurance commonly covers damage from fire, windstorm, hail, lightning, smoke, explosion, theft, and vandalism.

Question #3 – What types of damages aren’t covered?

Typically homeowners insurance does not cover earthquakes, floods, and neglect.

Question #4 – But what if I live in an area that’s susceptible to floods?

You can get coverage (usually separately) for floods, earthquakes, and anything else that isn’t covered by your homeowners’ insurance. If the home you’re looking to purchase is in a flood zone, then flood insurance is required to get a mortgage.

Question #5 – Is Homeowners Insurance required by law?

No, unlike car insurance, homeowners insurance is not required by law. Mortgage lenders will often require homeowners’ insurance though.

Question #6 – What types of Homeowners Insurance policies are there?

There are two big types of homeowners insurance – a replacement cost homeowners insurance policy and an actual cash value homeowners insurance policy. Ask us which one is right for you now at [email protected].

Question #7 – What are liability limits?

In the event of a lawsuit, liability coverage protects your assets. Limits start at $100,000 but most homeowners should have between $300,000 to $500,000 worth of liability coverage.

 

That’s it! Did you get some value from this post? Let us know in the comments!

Do you have any other questions? Contact us now at [email protected].

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Bill Abbott has found that 43% of other clients are overpaying for their insurance and 26% have missing coverages.
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