Representing People With Denied Insurance Claims

Choosing homeowners insurance

On Behalf of | Oct 22, 2021 | Insurance

Oklahoma City residents purchasing a home for the first time may find themselves with questions about what to look for when purchasing a homeowner’s insurance policy. One of the most important initial steps is picking the right insurance company.

Although the cost of the policy offered by the insurance company is a valid consideration, the reputation and customer service of the insurance company should also be considered. It is best to obtain quotes and speak with a variety of insurance companies to make sure you are getting both a fair price and quality service.

Once you’ve chosen a homeowner’s insurance company, you will meet or speak with an agent who will help you set up your policy. Answer all questions honestly when applying for your policy, even if you are concerned it may result in a higher rate. Any false information could result in coverage denial.

Questions to ask your insurance agent

When speaking with your agent, get as much information as possible about what is covered and excluded in the policy. If you choose to exclude something from the policy, you may be able to add it back in later; however, make sure to inquire if this is possible before excluding something that you are concerned you may need later.

If you are concerned about the quoted rate, it can be helpful to ask if you are in the lowest priced tier. If not, it is perfectly acceptable to ask why and see if there is anything that can be done to obtain a lower priced rate. Insurance companies base your rate on several different factors, including your credit history, history of claims and geographic location.

There are several things that can potentially discount your rate, including the age of the home, your credit score or having smoke alarms and/or sprinkler systems installed in the home. Many insurance companies offer companion policies, which means you will get a reduced rate if you have an automobile policy with the company.

Paying a higher deductible can decrease your rate, but it is important to analyze your finances to make sure the higher out of pocket deductible cost is affordable. The insurance process can be complex, and it is normal to be confused about the array of choices and factors involved. Being well-informed about all aspects of purchasing homeowner’s insurance can help you avoid dilemmas down the road.