Homeowners Insurance

How much homeowners insurance do I need?

One way to estimate how much home insurance you might need: multiply the total square footage of your home by per-square-foot building costs in your area.

A local real estate agent, contractor or builders’ association should be able to give you a ballpark amount of local building costs.

In addition to estimating the costs t0 rebuild your home you should take an accurate inventory of your personal belongings. This will give you a realistic amount of coverage you will need to replace your personal property such as: television’s, computers, furniture, appliances, and other electronics.

Just need a Renters Insurance policy?

What are the types of homeowners insurance?

In most states, standard homeowners insurance policies provide four main types of coverage. The main 4 are listed below with a brief description:

Dwelling Coverage – this helps pay for repairs if minor damage occured. It covers the cost of rebuilding your home if a total loss occurs.
Personal Property Coverage – this helps you pay the cost of replacing or fixing your belongings if they’re damaged.
Liability Coverage – Protects your financial assets if you’re at fault for an injury or damage to another persons property.
Additional Living Expenses Coverage – helps you pay for rent, food and other increased costs if you have to live somewhere else while your home is being repaired.

What does homeowners insurance cover?

A standard homeowners insurance policy covers damage to your home and your property caused by various perils covered by the policy. Typical home insurance policies cover damage caused by:

Explosions
Fire and smoke
Aircraft or other vehicle
Lightning Strikes
Falling objects
Theft
Weight of ice and snow
Some types of water damage
Windstorms and hail
Vandalism and malicious mischief