Hello, I'm Kevin Lynch, assistant professor of insurance at The American College in Bryn Mawr, Pennsylvania. Right now, we're going to talk about what I should expect when I purchase a homeowners insurance policy. Now, first of all, expect to be asked lots of lots of questions. Because your agent is going to do everything he or she can to make sure they understand the true value of your property. Some of the questions you're going to need to be able to answer include, when did you acquire your home? Or, if you're buying a new home, when is your closing date, what was your purchase price? Is there going to be a mortgage? If so, we'll need the name and the address of your mortgage company. When was the home built, what is the square footage? What's it constructed of, is it brick, brick veneer, frame, stucco, siding What exactly is your home constructed of? When was the roof last replaced or repaired? What level of customization does your home have? And by customization, we're talking about, does it have an upgraded kitchen, crown molding, chair rail, a wallpaper in every room, or is it paint in every room? How many rooms does your home have, how many bathrooms does your home have? What types of flooring, is it hardwood, linoleum, concrete with a pad and wall to wall carpet? How about your fence, is your yard fenced? Do you have any outbuildings, is your garage attached to your house, or is it one of the garages which is underneath, bedrooms above. Or, does it actually sit separate from your home, is it detached? We'll need to know all those things. In addition, do you have a pool, do you have a trampoline? And do you have pets? These are a large list of questions, there maybe others. And I'm sure your agent will go through each and every one of them with you when you meet with them in their office. In addition to those types of questions, there will be a lot of other questions too. These questions will talk about internal limits for personal property, or any other real estate that you own. Or, business use of any part of the premises of your home. The bottom line is, your agent or his staff people will do all they can to accurately determine the insurance replacement value of your home. Not the amount you paid for it, not the taxable value, not the amount you could sell it for today. The replacement cost value of your home or in other words, the amount it would cost to rebuild your home if there were a total fire loss today. And in addition, your agent will explain all the coverages that you're going to have on your policy. What they do and what they don't cover, the types of optional coverages available to you and how you could benefit from them. And lastly and probably most important, potential discounts to which you might be entitled. For things like, new home discount, multiple policies with the same company discount, monitored alarm system discounts, etc. Finally the agent will explain all of the payment options available to you. I'm Kevin Lynch with The American College in Bryn Mawr, Pennsylvania. We've been talking about what should I expect when I purchase a homeowners policy. More more information, go to www.TheAmericanCollege.edu. Thank you.