Its commonly thought that insurance is a one size fits all product, but it’s not. Insurance is required for most, yes but going beyond the basic details is what really helps ensure you are protecting your assets as much as possible.
For example, with home insurance, you should want your agent to be all about the details within your home. They should be reviewing what the county data shows and if there are any possible errors with their records. They should also be asking about the types of finishes in the bathroom/kitchen areas, flooring types, any type of custom features such as wet bar or theater/media room and the percentage of finished space in a basement.
These details aid in a carrier calculating a ‘replacement value’ of the home. Meaning if you were to suffer a covered total loss, you could rebuild your home with the same like/kind materials that you had prior to the loss.
Every carrier requires this type of data to calculate the dwelling/replacement limit. If an agent isn’t asking you detailed questions, then it’s possible they are not inputting data about the home as they should, which could lead to trouble down the road.
It’s important that these details be touched on every so often. Is your agent asking if there have been any changes/upgrades to the residence on renewal? We have found through our annual checklist that clients complete prior to renewal, some have made significant updates within the past year. The most common things we see are new granite counter tops and tile back splash to kitchens or they changed from carpet to hardwood flooring.
These are investments that you’ve made, help protect them as much as possible. Most people often think of needing their agent for a claim or billing issue, but an agent should also be helping show you what’s important and why across all your policies.