Home Insurance FAQ’s … let’s get your learn on.

There is a lot to know when buying home insurance making the process seem like a daunting task. Your insurance agent is always happy to help with the details or to give you a comparison insurance quote. But if you’re going to do this alone, review these home insurance FAQ’s to set yourself up for success.

However, if you are attempting to understanding things for yourself, take a look at these home insurance frequently asked questions and look through the home insurance coverage glossary, you should be able to find some answers.

Q: Will I get a comparison home insurance rate quote?

A: Yes. Whether you are shopping online or with an insurance agent, you need to make sure you get several quotes. IronPoint Insurance Services, LLC represents several best A+ Ratedinsurance companies in the business, so you can get your comparison home insurance quotes done with one phone call.

But it’s not enough to just get a comparison home insurance quote!

To provide you the proper information about your home insurance choices an insurance agent should be able to give you a review of your entire insurance portfolio. If you’re getting your comparison rate quote on-line, make sure you understand the contract you are agreeing to, the terms and conditions, and that a proper home insurance replacement cost estimate is completed.

If you’re not sure, make you should call an insurance agent as they can provide you a breakdown of coverage as well as the terms and conditions of the home insurance policy.

Q: What is the right amount of coverage for my home?

A: This is one of the more important questions you need to be asking when you purchasing a home insurance policy. In order to determine your proper coverage amount you need to understand your home’s replacement cost value.

The replacement cost is not the current market cost, nor is it the amount that you currently owe on your mortgage. It’s the amount it would cost to rebuild your home, and does not include the cost of the land.

Once you have established your replacement cost, you need to annually review the amount of insurance you’ve purchased as there are several things that influence the amount of insurance you need during the time you’ll own your home (e.g. inflation, costs of materials in your area, home improvements).

Q: What kind of coverage do I get for my belongings?

A: Your homeowner’s insurance policy (including tenants and condominium policies) will provide coverage for your personal belongings, subject to the policy limits.

There are two ways in which your personal belongings can be covered, Replacement Cost or Actual Cash Value. Replacement Cost pays you the actual amount to replace your property subject to a limit, and Actual Cash Value pays for the amount equal to replace your property less depreciation.

If your aren’t sure how to value your property, or what the appropriate valuations you should select, you should consult an insurance agent to evaluate which is best for you.

Q: Does my home insurance protect me if my neighbor falls at my home?

A: If an accident occurs at your home, and is the result of your negligence, it likely will be your home insurance policy that pays for damages. This does includes slip-and-fall accidents.

It will also pay for legal costs necessary to defend you if the claim needs to be litigated.

Also, your Medical Payments coverage will cover medical expenses for your neighbor arising from a slip-and-fall accident regardless of fault.

Q: Is jewelry covered by a home insurance policy?

A: You home insurance policy will have coverage for your jewelry, but it is on a limited basis. You will want to investigate a Personal Article Floater or Scheduled Personal Property endorsement, both of which provide coverage for your jewelry if its value exceeds the limits of the standard home insurance policy. You can also schedule other personal property (e.g. firearms) as they are also subject to limits of coverage in the standard home insurance policy. Consult your IronPoint agent for a full review of your insurance.

Q: Should I take photos or create an inventory of my possessions?

A: Yes. It is a good idea to document the inventory of your personal property. You can also take photographs or video to better assist in your record keeping. The better you inventory your property the better prepared your insurance adjuster will be to provide payment for covered items.

Also, as you acquire new items or assets, make sure to update your inventory.

Q: If I can’t live in my home after a covered loss, can I get reimbursement?

A: If your home becomes uninhabitable due to a covered loss, you should be compensated for the extra cost of housing, meals, and other expenses above your normal living expense. This coverage is subject to limits.

Q: Does my home insurance cover Earthquake or flood?

A: No. Earthquake insurance is a separate policy or coverage depending on the insurance company. If you are interested in discussing Earthquake Insurance, please contact your IronPoint Insurance agent and we can review your coverage needs. If you cannot get insurance due to the area you live, your insurance agent can assist you getting insurance through the Earthquake Authority (CEA).