If you’ve been putting off getting home and auto insurance because you’re not sure what’s needed, we explain it all here for you. Read on to see our most frequently asked questions about preparing to get a quote.
What does my insurance agent need to give me a home insurance quote?
Our independent agents will ask you for some detailed information about your home when providing a quote for home insurance. We want to make sure you’re adequately covered by inquiring about:
- Your home’s location and value
- Special endorsements needed, such as flood or earthquake insurance
- Recent repairs or renovations to the home
- The condition of major elements (water heater, roof, plumbing, etc.)
- If there is a fireplace
- Dog ownership
- If you run a business from your home
- Past insurance claims
- Amount of coverage desired (see below)
Your agent will also ask for some basic personal information about you, such as your contact details and Social Security number, to confirm your identity and set up the policy.
What is the difference between replacement cost and market value?
Replacement cost is what it would cost to repair or rebuild your home today, should it be damaged or lost. Market value is what the home is worth if it were for sale today. It’s more than just the cost of materials and labor and includes intangible elements like the desirability of the neighborhood.
In most instances, insuring for replacement cost is a better choice, as insuring for market value can leave you vastly underinsured. You just need to make sure you update your policy periodically to account for changes to replacement costs that occur naturally over time.
How do I know how much insurance to get?
Many of our clients are not sure how much insurance to get. We’ve found that most folks mistakenly think their home is over-insured, when in fact, it needs better coverage.
First, we’ll talk about replacement cost versus market value, as discussed in the question above. Next, we’ll talk about your home’s contents, as this is covered too.
If you’re not sure about coverage for things like furnishings, electronics, appliances, sports gear, and kids’ stuff, we can assist with those calculations. Nowadays, inventorying your belongings is easy: simply take a video or snap photos using your mobile phone. This will also help in the event you ever need to file a claim.
Finally, we’ll talk about extras that aren’t typically included in a home insurance policy. You may want scheduled coverage for valuables like jewelry, antiques, fine art, or collectibles.
Do I need more liability coverage?
Your homeowner policy will provide capped liability coverage for things like accidents that occur on your property. If you have a high net worth, you may want to consider adding an umbrella policy for more liability coverage, up to a million dollars or more. This is also a smart move for dog owners.
What information do I need to provide for auto insurance?
We want to make sure you’re sufficiently covered with an auto policy. Here’s what we inquire about:
- Make, model, and year of the vehicle
- Who drives the vehicle
- Driving and claim history of drivers
- Amount the vehicle is driven and where
- Where the vehicle is parked or garaged
- Type of coverage needed (see below)
What is the minimum auto insurance required in Missouri?
You must purchase at least the minimum auto insurance as required by the state of Missouri:
- $25,000 per person
- $50,000 per accident
- $25,000 for property damage
Should I get full coverage auto insurance?
We often recommend getting full coverage auto insurance. In fact, it will probably be required if you finance your vehicle.
This includes collision insurance to cover repairs after an accident where you are at fault (or the other party has no insurance or leaves the scene). It also includes comprehensive insurance to cover your car or truck in the event of theft, vandalism, or damage by fire or storms.
Need more information or ready to ask for a quote? Call Lang Insurance at 636-229-7000. Our independent agents are ready to help you with personalized service and a full array of home and auto insurance products for policies tailored to your unique needs and budget.