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Negotiating the Terms of An Insurance Policy

Q: Is it possible to negotiate exclusions or inclusions in an insurance policy?

Unfortunately, a homeowner’s insurance policy is for the most part a take-it-or-leave-it situation. You go to your broker, agent, or someone else in the business of selling insurance and there are a handful of forms to purchase. If there is a particular risk you are worried about, you can purchase an endorsement to add coverage for that type of loss, but you will have to pay for the extra coverage.

Often, after you buy the homeowners insurance coverage, you won’t even see the insurance policy until weeks later unless you ask for a copy of an example policy.

Later on, after you have signed and paid for the insurance will you see what’s covered and not covered.

Q: Do you advise buyers to see a lawyer before they decide on which homeowner’s policy is best for them?

My advice would be to talk it over with your agent if you think you have some kind of risk that you want to make sure you are protected from, like a flood or earthquake which are often not covered in a typical policy.