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Top Ten Questions to Ask Before Buying an Insurance Policy

You should understand the following ten issues and how they relate to your insurance policy. We suggest you discuss these questions with the agent from which you are purchasing a policy, or your current agent. Your specific needs and circumstances will determine the importance and relevance of each of these questions. However, it is always good to understand what you are getting when you sign an insurance contract.

  1. Is the home insured at full replacement cost or actual cash value?
  2. Are the contents insured at full replacement cost or actual cash value?
  3. What type of policy is this, an (HO8, HO2, HO3, or HO5)?
  4. What endorsements, if any, are on the policy (such as Water Backup, Foundation Water Damage)?
  5. Have you applied all discounts that pertain to me?
  6. What is my deductible?
  7. Is there anything that could make them cancel the policy when they come inspect the property (dogs, trampoline, roof condition, etc)?
  8. What is the company's AM Best Rating?
  9. How can I be sure they will provide me with great service (What is their BBB rating)?
  10. As my agent/insurance company, what hours are you available in case I need to contact you?
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Last modified: Mon Jan 27 10:57:10 MST 2014