Top 10 Questions to Ask your Insurance Agent

Previous Article Next Article

Are you properly insured? Most aren’t! 10 Questions to ask your agent

Buying a home is the largest single purchase most of us 99%’ers make in our lifetime. It’s extremely important to make sure that asset is properly insured.

Don’t let the lack of transparency and the fancy, confusing industry jargon prevent you from making a smart decision when it comes to homeowners insurance. To make it even easier, and help you feel better educated and more secure about your insurance purchase, we have put together a list of the 10 most important questions to ask your insurance agent:

  1. Are the agent and the insurance company licensed by my state insurance department? For how long? (Your state insurance department can confirm the answers to these questions.)
  2. How can I find out the claims history of the home before I buy it? The claims history of the home might affect your premium.
  3. If I submit a claim, how will it affect my premium when I renew the policy?
  4. How will my credit history affect my premium?
  5. What does the policy cover? What doesn’t it cover? What are the limits to the coverages?
  6. How much coverage do I need for my personal property?
  7. How much liability coverage should I buy?
  8. Should I buy flood insurance or earthquake coverage? Your homeowners insurance policy doesn’t cover either.
  9. What types of water damage are not covered? Is mold damage covered?
  10. Are there any discounts available to me?

Also here are a few bonus tips (SCORE!) to help you when it comes time to purchase insurance.

  • Make a household inventory of your personal property. Here is a link to inventory best practices
  • Maintain your home – prevent an accident and avoid a claim and higher premiums.
  • Re-bid your quote ever year or two – carriers play price wars and like to undercut their competitors. Re-bid your insurance in minutes (here).
  • Last, bundle your home and auto. Research has shown bundling home and auto can save up to $500 a year or more. Let one of our Covered dedicated insurance advisors help you out!

Sign up for our newsletter