We at Modern Risk Management, know that your home is your most valuable asset. It is critical to know what questions to ask when considering an insurance policy. You will want to make sure you have a comprehensive homeowners’ insurance policy in place.

What type of disasters does the policy cover?

So many homeowners are surprised to learn that the policy does not cover all disasters. Typically, a homeowners’ policy will cover fire, lightning, windstorm, vandalism, theft, and hail. However, most policies will not cover disasters such as earthquakes or floods. As residents of the Houston, TX area, it is critical to speak with your agent at Modern Risk Management about adding flood coverage to your homeowners’ policy.

How much personal property coverage should I purchase?

So many people underinsure their personal property because they do not have a solid understanding of how much their belongings are worth. It is critical to take inventory of everything in your home, including furniture, electronics, valuables, and appliances, to come up with an accurate number for your personal property coverage.

How are insurance claims handled?

Knowing what the process of filing a claim is can be essential to making sure you receive insurance payouts quickly. You should know if you can file online or over the phone. Also, you should understand what documentation might be required of you to file a claim.

Does my policy offer replacement coverage or actual cash value?

If your policy provides replacement cost coverage, the insurer will pay the full cost to rebuild your house in today’s’ market. An actual cash value policy takes into consideration depreciation, which means you could end up paying additional money to rebuild your home.

If you are interested in learning more about homeowners’ insurance, reach out to an agent at Modern Risk Management today. We proudly serve the Houston, TX area.