Informed consumers can save money on home insurance
Home insurance savings come from asking the right questions
Asking the right questions can go a long way toward obtaining the best home insurance coverage and the best price, the Insurance Information Institute (I.I.I.) said in a recent report.
According to the I.I.I., being an informed insurance consumer involved both scrutinizing your current home insurance policy and also seeking out answers after a thorough examination.
“Besides knowing the basics of what a standard homeowners insurance policy covers, consumers should ask a series of questions, and receive satisfactory answers to each of them, before buying a new policy, or renewing an existing one,” Michael Barry, Vice President of Media Relations at the I.I.I., said in a statement.
In the report, the I.I.I. offered up specific tips about what types of questions consumers should ask when examining current homeowners insurance coverage, including:
- Rebuilding costs – How much would it cost to completely rebuild the home in the event of a total loss?
- Personal property – How much would it cost to replace all of the personal property in the home in the event of a total loss?
- Liability coverage – How much liability protection is needed?
- Living expenses – Is coverage needed to cover costs associated with living away from the home due to home damage?
- Flood insurance – Is a separate flood insurance policy needed?
- Discounts – Are discounts available that have not already been taken advantage of?
Related: Home insurance rates by state