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Homeowners’ Insurance

posted by Stephen Katz @ 12:47 PM
Tuesday, May 8, 2012

When searching to find the right homeowners’ insurance policy, it can be an overwhelming and confusing experience. The terminology is tricky; but the more you insurance terminology you know, the easier it will be to understand what your policy covers. The insurance broker will be asking you a lot of questions about your new home to determine the price of your homeowners’ insurance.

What Questions Will the Insurance Broker Ask?

1)      What type of home is it?

  • single- detached home
  • duplex
  • condo 
  • acreage

2)     Construction of your home

  • What year was your home built?
  • How was your home constructed?
  • Is your roof intact?
  • What materials were used?

3)     Specific Property Details

  • What’s the address?
  • What is the square footage?
  • How many bedrooms/ bathrooms?

4)     Property Value

  • Interior décor
  • Personal possessions
  • Furniture
  • Appliances
  • Clothes
  • Jewelry

The insurance broker needs to know the value of your house and the value of your contents, so that if your home burns to the ground, you will have enough insurance to replace everything. Do not under-estimate the value of your belongings; if you lose everything in your home, you are going to want to have enough money to replace all that was lost.

5)     Deductibles

The price of your insurance is based the deductible you decide to have. A deductible is the amount of money that would be subtracted from your claim that you make on your insurance. The lower the deductible amount, the more your insurance will cost; the higher the deductible is, the less your insurance will cost.

6)     Personal Liability Coverage

Personal Liability coverage will protect you if a house guest where to get hurt while they are on your property.

What Questions Should You Ask?

1)      Discounts?

  • For smoke detectors
  • For security alarm systems
  • If you combine insurance with your car insurance

2)     Additional Coverage

  • Fine Jewelry
  • Fur Coats
  • Electronics
  • Lost, stolen, or damaged items

Most importantly, ask if these items are covered for full replacement cost and if you will receive a cash settlement.

3)     What if the house burns down?

  • Will you be covered for the cost of living in a temporary location?

 As a first time home owner you want to purchase homeowners’ insurance from a company that has a good reputation and is well-know. If you are not quite sure who to use, ask family members and friends who they use and see how their experiences with them have been.

 

Stephen Katz

(770) 309-0939 (direct) or (866) 742-8400 —

For the past 18 years, Stephen Katz has built a successful business almost entirely on referrals. As your mortgage consultant throughout the home loan process, Stephen will explain the pros and cons of all available mortgage programs and help you choose the financing option that is best suited to your needs.
Throughout the loan process, he will keep you informed and will respond quickly to your requests with answers and solutions.

Consistently a top producer, Stephen is a Mortgage Bankers Association “Diamond” Award winner, a Georgia Mortgage “Top Gun” and has closed almost half a billion dollars in loans. Put his knowledge and experience to work for you!

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