Your home is probably one of your biggest and most important investments. Home insurance is one of the best ways to protect this investment. However, according to Value Penguin, 47% of homeowners don't even know what their home insurance covers. This is too important to not know. Here are some questions you should ask a home insurance agent so that you can expand your understanding of your home insurance policy.

How Much Coverage Do I Have?

The amount of coverage you'll need varies from family to family. Obviously, the coverage will be based in large part on the value of your house. However, coverage is also based on the value of your possessions. It's often helpful to sit down with an insurance representative to discuss this detail. They can help you understand how much coverage you currently have and evaluate the value of your possessions to ensure your home insurance is suitable to the value of your home and belongings.

Do I Need Flood Insurance?

There are a lot of misunderstandings concerning flood insurance. First, you should understand that most homeowners' policies do not include flood insurance. The reason is that flood risks can vary drastically from place to place. The flood risks for a home need to be evaluated individually. If you live in an area with flood risks, you'll need to purchase separate flood insurance. Be sure to talk with a flood insurance representative to get very detailed information on your particular flood risks.

What Will Increase My Liabilities?

There are certain things that can increase liabilities for homeowners. These often include features on your property that have an increased injury risk such as swimming pools and trampolines. Although these can increase your risks some, it doesn't necessarily mean that you will pay a lot more for insurance. You simply need to talk with your agent to find out what steps you need to take to make your property as safe as possible.

Are Discounts Available?

There can be discounts available for customers who have multiple policies, such as home insurance and auto insurance. This is a great question to ask your insurance agent when you meet. To get the best deals and have the most comprehensive coverage, you should sit down with an agent in person to discuss your insurance needs and see if you can package any policies together.

To learn more about home insurance or other insurance products, please contact XL Brokerage Inc today. We will be happy to go over your insurance options with you.