When choosing a home insurance agent, there are several questions you should ask. These questions can help you make a decision on who you should work with and how much coverage you need. You should also ask about discounts available to independent agents. Tom Humphreys, director of The Risk Management and Insurance Center and assistant professor of Insurance at Olivet College, advises that homeowners should talk to an agent when they make any changes to their home.
Questions to ask a home insurance agent before buying a policy
The process of purchasing homeowners insurance can be long and complex. Insurance companies will ask you several questions about your home and any history of claims. Knowing the answers to these questions can help you receive accurate quotes. Here are some important questions to ask a home insurance agent. These questions can help you better understand your policy and avoid buying something you don’t really need.
The type of coverage you’d like to get is crucial. Some homeowners prefer to add on a policy to cover specific items. For example, if you’ve just installed a side wall in your home, it’s not likely that your current policy covers that addition. But you can ask your home insurance agent about add-on policies that may be available to you.
If you live in a fire-prone area, ask about fire protection. In some cases, your insurance will cover a portion of the cost of living if your home burns down. It’s important to ask about the level of coverage you’ll need, as your policy may increase when it’s time to renew.
Work for yourself vs. working for a company
When choosing between working for yourself and for a company, there are several factors you need to consider. The first is the type of coverage you want to sell. If you are focusing on selling a certain type of policy, you should consider working for an independent agency. An independent agency will offer policies and other products from a variety of insurance companies, and you can choose the best policy for your needs.
Cost of home insurance
Getting a homeowners insurance quote is the easiest way to cut your premium. You can get a new quote whenever you renew your policy or make significant changes to your policy. You can also raise your deductible to reduce your monthly premium. A higher deductible means lower monthly premiums, but it’s important to choose an amount you can afford to pay out-of-pocket in the event of a loss.
The cost of home insurance depends on a number of factors, including the type of house you own. If it’s an older home, it’s likely to cost more to repair. If you have plaster walls, wood floors, or custom molding, you may need specialized coverage for these items.
Other factors that influence the cost of homeowners insurance include where you live, the age of the home, and the deductible. These factors can have a significant impact on your premium. You may be able to cut your premium by as much as 15 percent.
Discounts available with independent agents
You may be eligible for a discount if you are a student or a good student. There may also be discounts for your home insurance if you have a security system or hail-resistant roof. You don’t have to wait until your policy renewal to notify your insurance company about such changes. These changes could result in a lower rate for your policy.
Independent insurance agents work for multiple companies and are aware of discounts available. This allows them to shop around for you and save you money on home insurance. Independent insurance agents also shop for multiline insurance discounts, which can add up to substantial savings. They will also be able to match your insurance needs with the best insurance company for your specific situation. Another way to save on your homeowner’s insurance is to keep your claims to a minimum. Many insurance companies offer discounts for this behavior. For example, Farmers offers a discount for five years of claims-free behavior. You can also save by setting up a paperless account for your premium. By staying claim-free, you’ll minimize your insurer’s risk perception, which is good for you.