Before you sign off on your homeowners insurance policy, it’s important that you understand the specifics of your coverage. Here are some of the questions that you should ask when shopping for a new homeowners insurance policy.
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.
All types of insurance have limits, and your homeowners insurance is no different. Standard home insurance policies will exclude coverage for the damages associated with floods, earthquakes, mud and landslides, pest infestations, and sewer backups. Keep in mind that every policy is different, so speak to your insurer to learn about your specific exclusions.
The cost of your homeowners insurance is dependent on a variety of personal factors. For instance, insurers will consider your home’s location, square footage, and age along with the cost of rebuilding your home and your personal claims history when determining your rates.
These are some of the questions that you should ask when shopping for home insurance. Are you looking to secure the right protection for your home and property? If so, then contact the team at Phocus Insurance in Phoenix, Arizona. We are ready to get you the coverage that you need today.
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