“I asked for a simple quote, what’s with all the questions? ” This is something that is often asked when a customer inquires for a quote. Sure, there are ways we can give you a quick quote with very little information, however it goes without saying, the more detailed your responses, the more accurate the quote will be. A good insurance broker asks questions to make sure you have the right coverage at the best price. They do not make assumptions. Anyone can find out your home is 2400 square feet from public records, but a good home insurance broker will confirm the specific details such as confirming the square footage, primary heat source, any updates to the exterior, when the last updates where done, the types of finishings, etc.
The questions we ask lead us to compile information into a calculator that evaluates the re-building value of your home. There certainly is no need to over-insure your home, yet on the other hand you do not want to under-insure your home. Under-insuring your home can leave you with a co-insurance clause. The co-insurance clause serves to encourage you to carry the appropriate amount of insurance in relation to the value of your home. If you look to save premium dollars by insuring less than the evaluated calculation, effectively you become a coinsurer for any loss. This means that in the event of a claim, your policy will only respond to a percentage of the loss. In a total loss circumstance, this can leave you with an unforeseen bank loan or high mortgage payments to replace your property and your contents.
When enduring such an unfortunate event such as a loss due to fire or water damage, the last thing, we, as your insurance broker, want you to worry about is being in debt because your policy did not fully cover you. By asking the questions we do, we insure your home to its correct value and then are able to quote you with a policy that guarantees your home will be fully covered in event of a loss. In the end, it just comes down to being patient with your broker and answering all of our questions so we can provide you with the best possible coverage for your “one of a kind” home.