Home Insurance - How Much Do You Really Need?
Most home owners need insurance coverage for:
The actual home
Personal possessions
Liability
Living expenses if the home is uninhabitable due to a loss
Your home -- At the least, you need enough coverage to pay for the costs to rebuild your home. Base this amount on current construction costs, not the price you paid for your home. An insurance agent can help you evaluate that cost or you can contact your local real estate agent or builders association and find out what the current cost-per-square foot is for a similar home.
Your possessions -- The typical home owner policy also provides coverage for your personal belongings -- furniture, computer, clothing, etc. -- up to a certain percentage of the protection on your home. Try to estimate how much it would cost you to replace your possessions and then decide if this percentage will be enough. You can always increase the limits of coverage, or insure expensive items with a special endorsement.
Liability -- Your home owner policy also covers liability to others if you are sued for bodily injury or property damage that you, a family member or a pet caused. Find out what the standard coverage is in your policy. You may want to increase that coverage if you feel you may be vulnerable to lawsuits.
Living expenses -- If your home is damaged so badly that you can't live in it, most home owner insurance policies provide coverage for temporary living expenses while your home is being repaired. This coverage varies from company to company.
Be sure to ask your agent about your coverages and fully understand the policy before purchasing. And when you're shopping for home insurance, make sure to get at least three comparison quotes since rates can vary quite a bit from company to company.
Related Tags: home insurance, home owner insurance, home insurance quote, home owner insurance quote
Scott Lunt is a freelance writer with over 15 years experience writing about home insurance. You can compare home owner insurance quotes plus find more tips on saving on car, home, life, health and long-term care insurance at LowerYourInsurance.com.
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