How Much Homeowner Coverage Do I Need

Homeowner insurance coverage is a requirement by mortgage lenders but it is also vital to homeowners in a number of ways.

Homeowner insurance protects all the structures on your property against damage and assures that you will have enough money to repair your home. If it is damaged and deemed unlivable, homeowners insurance will pay for you to rent a place or stay in a hotel while it is repaired or rebuilt.

Also, if any of your belongings are damaged or stolen, homeowner insurance will pay for their replacement. Finally, it covers claims lobbied against you for injuries that happen on your property.

How much do you need?

According the Insurance Information Institute (III), you need enough homeowner insurance to cover the following:

  • Your home’s structure; enough coverage to rebuild your home at current market prices.
  • Your personal possessions
  • Any additional living expenses should you have to live elsewhere while your home is repaired
  • Your liability to anyone hurt while they’re on your property

When you apply for homeowner insurance, the insurance company will need to know the appraised value of your home minus the price of the land. They will be able to issue a policy based on various factors, which will determine your how much your premium costs.

Basic homeowners’ policies cover disasters such as fire, lightning, hail, explosions, and theft but other area-specific disasters such as flooding, earthquakes, and hurricanes will require additional coverage. This will increase your policy’s premiums.

Using InsuranceUSA.com can help you find the right homeowner policy. So, don’t delay any longer, simply enter your zip code and get started today!