What Is The Right Amount Of Homeowners Insurance?

1. 

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   David Osgood

   Agent, Rural Mutual Insurance Co., Union Grove, WI

   The right amount of homeowners insurance is the amount that allows you to get back to where you were before. This means that you have adequte coverage to have your home rebuilt , your residency expences are provided for while the home is being rebuilt, and  you have adequte coverage to allow for the replacement of furniture and other household items. As always remember each policy is different. Contact your local agent to discuss your coverage needs and to fully understand the coverage provided and exclusions that may be contained within your policy.

   Answered on May 9, 2013

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   Wendi Kratzer

   Agency Principal, Wendi D Kratzer Agency Inc,

   You want to insure your home for replacement cost, not market value. These numbers can vary greatly. Every company has their own calculator for coming up with replacement costs. In the end, it needs to be a number you feel comfortable with. If you are not sure about this number, you can talk to a local contractor to see what building costs are in your local area.   

   Answered on May 9, 2013

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   Tom Sheehan

   Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482

   Talk tot your insurance professional and ask for a current "Reconstruction Analysis" for your home. Be sure to detail any improvements or renovations that you may have made so that these can be properly factored into the calculation. The result of this analysis, if completed properly, will be an accurate measure of what it would cost to reconstruct your home as it is today, should it be severely damaged or lost due to a covered peril. Once this figure is determined, be sure to ask if the policy includes a form or "replacement Guarantee" to make sure that moving forward you will remain properly covered.

   Answered on September 12, 2014

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