How To Set Up Homeowners Insurance?

1. 

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   David G. Pipes, CLU®, RICP®

   Business Development Officer, T.D. McNeil Insurance Services, Fresno, California

   Trained insurance agents are experts in setting up homeowners insurance.  If you don’t know an insurance agent, get recommendations from friends, colleagues or neighbors.  Normally, your lender will dictate the amount of coverage required for your mortgage.  The insurance companies will want an estimate of the cost to replace the residence.  These indications will help the agent set the appropriate limit for the property portion of the policy.  I recommend that you accept the highest possible liability limit because a lawsuit could easily bankrupt a family.

   Answered on June 19, 2014

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   I believe that the best way to start is by talking with your Insurance Professional. You will need to provide the property location of course, but also some additional basic information. Things like the year of construction and type of home (Ranch, Colonial, Contemporary, for example). Additional information like the size and style of the home, for example, is it standard construction or custom? Is the home alarmed and are their special features like a finished basement, fire places, or special fixtures like a jacuzzi tub or sauna as examples. Let your Insurance Professional know also if you know of any recent upgrades to things like electrical, plumbing or heating/air conditioning systems or if a new roof has recently been put on as these may earn discounts if the home is older.

   Answered on October 29, 2015

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